having trouble with the excel formulas to answer these questions

Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution format income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the task . Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, '-B4" was entered the formula would output the result from cell B4. or 17,000 in this example. Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract). * (asterisk sign to multiply), and/(forward slash to divide). From the Excel Simulation below, if in a blank cell =B19-320" was entered the formula would add the values from those cells and output the result, or 183,800 in this example. If using the other math symbols the result would output an appropriate answer for its function. . SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(C18C19,C20)" was entered the formula would output the result of adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell =SUM(C18:C20) was entered the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,300 in this example, ? 5 X High-Low Method Contribution Format Income Statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW FILE HOME INSERT Sign in Calibri 11 -A %6 M E- Paste BIU- E- Cells Editing - Alignment Number Conditional Format as Cell Formatting Table Styles Styles Clipboard Font D13 x f B D 4 1 To aid in planning, Jay Corporation is preparing a contribution format income statement, 2 3 Budgeted information for Quarter 1 of Year 3: Sales in units 17,000 5 Sales price per unit $ 48.00 6 7 After analyzing expenses, the company has determined the following cost patterns. 8 Cost of goods sold 29.00 per unit 9 Sales commissions 9.50% per dollar of sales 10 11 Administrative salaries 45,000.00 per quarter Rent expense $ 27,000.00 per quarter 13 Depreciation expense $ 36,000.00 per quarter $ 12 * Management has concluded that shippine expense is a mixed cost. Units shipped and the related shippine cost over ? High-Low Method: Contribution Format Income Statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In FILE HOME INSERT X Calibri 11 AN 96 Cells Editing Paste BIU- Alignment Number Conditional Format as Cell Formatting Table - Styles Styles Clipboard Font D13 V D E F B 36,000.00 per quarter 13 Depreciation expense $ 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 S 89,800.00 13,800 21 Quarter 4 $ 92,600.00 20,000 22 Year 2 23 Quarter 1 $ 72,500.00 13,700 24 Quarter2 80,000.00 14,000 25 Quarter 3 $ 84,000.00 14,300 26 Quarter 4 $ 100,000.00 22,500 27 28 Use the data to answer the following 29 30 1. Using the high-low method, determine a cost formula for shipping expenses. 31 Q High-Low Method: Contribution Format Income Statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign in FILE HOME INSERT X Calibri M 11 96 A A Cells Paste BIU- - A Editing Alignment Number Conditional Format as Cell Formatting Table Styles Styles D E F B 23 Quarter 1 $ 72,500.00 13,700 24 Quarter2 80,000.00 14,000 25 Quarter 3 $ 84,000.00 14,300 26 Quarter 4 $ 100,000.00 22,500 27 28 Use the data to answer the following. 29 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 N 37 Variable cost per unit 38 39 Compute the fixed cost portion using the high level of activity, 40 Total cost at high level of activity 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 Law Corporation High-Low Method: Contribution Format Income Statement - Excel PAGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In FILE HOME INSERT X % Calibri 11 -A A Cells Editing Paste BIU- Alignment Number Conditional Format as Cell Formatting Table - Styles Styles Clipboard Font F41 f V B D E 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 64 65 66 67