Jay Corporation has decided to prepare contribution income statements for internal planning. 8 After analyzing expenses, the company has determined the following cost patterns. 15 Shipping has been determined to be a mixed cost with the following total costs and units: \begin{tabular}{|c|r|r|} \hline uarter 2 & 94,000 & 21,000 \\ \hline Quarter 3 & $89,800 & 13,800 \\ \hline Quarter 4 & $92,600 & 20,000 \\ \hline 2023 & & \\ \hline Quarter 1 & $72,500 & 13,700 \\ \hline Quarter 2 & $80,000 & 14,000 \\ \hline Quarter 3 & $84,000 & 14,300 \\ \hline Quarter 4 & $100,000 & 22,500 \\ \hline \end{tabular} Use the data to answer the following. (Use cells A4 to C26 from the given information to complete this question. All answers should be input and displayed values.) 1. Using the high-low method, determine a cost formula for shipping costs. \begin{tabular}{|l|l|l|l|} \hline 33 & & \\ \hline 34 & & Total Cost & Units \\ \hline 35 & High level of activity & & \\ \hline 36 & Low level of activity & & \\ \hline 37 & Change in activity & & \\ \hline 38 & & \end{tabular} Variable cost per unit Fixed cost portion: Total cost at high level of activity Less: Variable cost element Total fixed cost 2. Prepare a contribution margin income statement for Quarter 1 of 2024