Enter the answers as a formula.

1 Jay Corporation has decided to prepare contribution income statements for internal planning. Budgeted information for Quarter 1 of Year 3: Sales in units Sales price per unit $ 17,000 48.00 5 7 After analyzing expenses, the company has determined the following cost patterns. 8 Cost of Goods Sold (per unit) $ 29.00 9 Sales Commissions (per dollar of sales) 9.50% Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) $ $ $ 45,000.00 27,000.00 36,000.00 16 1. Prepare a contribution margin income statement for Quarter 1 of Year 3 Jay Corporation Budgeted Income Statement For Year 3, Quarter 1 22 Sales 23 Variable expenses: 24 Cost of goods sold 25 Sales commissions 26 Total variable expenses 27 Contribution margin 28 Fixed expenses: Adminstrative salaries 30 Rent expense 31 Depreciation expense 32 Total fixed expenses 33 Net operating income 29