Jay Corporation has decided to prepare contribution income statements for internal planning.

1. Prepare a contribution margin income statement for Quarter 1 of Year 3.

NOTE: ALL ANSWERS MUST SHOW FORMULA

? x - Sign In XD S. .b s Cost Behavior, Operating Leverage, and Profitability Analysis - Excel FILE HOME INSERT PAGE LAYOUT FORMULAS DATA REVIEW VIEW Calibri - 11 A = Paste BIU. 3> - Alignment Number Conditional Format as Cell Cells Formatting Table Styles - Clipboard Font Styles Editing B24 D E F G 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 (per unit) 29.00 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 $ 816,000.00 22 Sales 23 Variable expenses: 24 Cost of goods sold 25 Sales commissions 26 Total variable expenses 27 Contribution margin 28 Fixed expenses: 29 Adminstrative salaries 30 Rent expense 31 Depreciation expense 32 Total fixed expenses 33 Net operating income ... Sheet1 O A + 10% READY Attempt(s) 1/3 Hint