Fill in the yellow cells with the correct cell references/formulas

A || IU diu la por Jay Cu p- D BC 1 To aid in planning, Jay Corporation is preparing a contribution format income statement. 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 5 Sales price per unit 17,000 48.00 7 After analyzing expenses, the company has determined the following cost patterns. 8 Cost of goods sold 29.00 per unit Sales commissions 9.50% per dollar of sales Administrative salaries Rent expense Depreciation expense 45,000.00 per quarter 27,000.00 per quarter 36,000.00 per quarter 15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipp the last eight quarters are: 17 Year 1 18 Quarter 1 Quarter 2 20 Quarter 3 Quarter 4 22 Year 2 Total Shipping Cost 67,000.00 94,000.00 89,800.00 92,600.00 Units 12,500 21,000 13,800 20,000 89,800.00 92,600.00 13,800 20,000 20 Quarter 3 21 Quarter 4 22 Year 2 23 Quarter 1 24 Quarter2 25 Quarter 3 26 Quarter 4 72,500.00 80,000.00 84,000.00 100,000.00 13,700 14,000 14,300 22,500 28 Use the data to answer the following. 30 1. Using the high-low method, determine a cost formula for shipping expenses. Total Shipping Cost Units 33 High level of activity 34 Low level of activity 35 Change in activity 37 Variable cost per unit 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 41 Less: Variable cost element 42 Total fixed cost 43 44 2. Prepare a contribution format income statement for Quarter 1 of Year 3. Jay Corporation Budgeted Contribution Format Income Statement For Year 3, Quarter 1 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 GA