Everything should be answered in formula form. Thanks!

X All answers must be entered as a formula. Click OK to begin. OK B D E 1 To aid in planning, Jay Corporation is preparing a contribution format income statement. 2 4 3 Budgeted information for Quarter 1 of Year 3: Sales in units 5 Sales price per unit $ 17,000 48.00 6 00 7 After analyzing expenses, the company has determined the following cost patterns. Cost of goods sold $ 29.00 per unit 9 Sales commissions 9.50% per dollar of sales 10 Administrative salaries $ 45,000.00 per quarter 12 Rent expense $ 27,000.00 per quarter 13 Depreciation expense $ 36,000.00 per quarter 11 14 15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over the last eight quarters are: 16 17 Year 1 Total Shipping Cost Units 18 Quarter 1 $ 67,000.00 12,500 19 Quarter2 94,000.00 21,000 20 Quarter 3 89,800.00 13,800 21 Quarter 4 S 92,600.00 20,000 22 Year 2 23 Quarto 25000 Sheet UU S + 12700 B D $ $ $ 94,000.00 89,800.00 92,600.00 21,000 13,800 20,000 19 Quarter2 20 Quarter 3 21 Quarter 4 22 Year 2 23 Quarter 1 24 Quarter2 25 Quarter 3 26 Quarter 4 27 28 Use the data to answer the following. 29 $ $ $ $ 72,500.00 80,000.00 84,000.00 100,000.00 13,700 14,000 14,300 22,500 30 1. Using the high-low method, determine a cost formula for shipping expenses. 31 32 Total Shipping Cost Units 33 High level of activity 34 Low level of activity 35 Change in activity 36 per unit 37 Variable cost 38 39 Compute the fixed cost portion using the high level of activity 40 Total cost at high level of activity 41 Less: Variable cost element 42 Total fixed cost Sheet A B D 40 Total cost at high level of activity 41 Less: Variable cost element 42 Total fixed cost 43 44 2. Prepare a contribution format income statement for Quarter 1 of Year 3. 45 46 47 Jay Corporation Budgeted Contribution Format Income Statement For Year 3, Quarter 1 48 49 50 Sales 51 Variable expenses: 52 Cost of goods sold 53 Sales commissions 54 Shipping expense 55 Total variable expenses 56 Contribution margin 57 Fixed expenses: 58 Administrative salaries 59 Rent expense 60 Shipping expense 61 Depreciation expense 62 Total fixed expenses 63 Net operating income Shot