Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to prepare a contribution income statement. Use the information included in the Excel Simulation and the Excel functions described below to complete the to . Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank 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 (plus sign to add). - (minus sign to subtract). (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation in a blank cell-819-820" was entered the formula would add the values from those cells and output the result, or 183,800 in 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 function. From the Excel Simulation below, if in a blank cell -SUM(C18C19.C205* was entered the formula would output theres adding those three separate cells, or 47,300 in this example. Similarly, if in a blank cell -SUM(C18:C20)" was entered the form output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 47,30 example FILE HOME INSERT Calibri 11 High-Low Method: Contribution Format Income Statement - Excel 7 X PAGE LAYOUT FORMULAS DATA REVIEW VIEW signing -AA Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Styles Lo To aid in planning. Jay Corporation is preparing a contribution format income Paste BIU Clipboard Font Al X . D E F - 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 Sales price per unit 17,000 48.00 5 $ 6 7 After analyzing expenses, the company has determined the following cost patterns. MEG Canto AB Excel Assignment Saved Fase Augnment Number Formatting tong Clipboard Font Styles To aid in planning, Jay Corporation is preparing a contribution format income D E F 2 1 To aid in planning, Jay Corporation is preparing a contribution format income statement. 3 Budgeted information for Quarter 1 of Year 3: Sales in units 17.000 Sales price per unit $ 48.00 4 5 6 8 10 11 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 Administrative salaries $ 45.000.00 per quarter 12 Rent expense $ 27.000.00 per quarter 13 Depreciation expense 36,000.00 per quarter 14 18 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! Total Shipping Cost Units 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 $ 92,600.00 20.000 22 Year 2 Quarter 1 72.500.00 13.700 Sheet1 READY Attempt(s) Ieparing a contribution format income 40 D E 41 F 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 Jay Corporation 47 Budgeted Contribution Format Income Statement 48 For Year 3. Quarter 1 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 Sheet1 100% READY Attempt(s) B D E 46 Jay Corporation 47 Budgeted Contribution Format Income Statement For Year 3. Quarter 1 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 Sheet1 ... READY Attempt(s) Saved Zoom 100% Zoom to Selection Window Macros Normal Page Break Page Custom Gridlines Headings Preview Layout Views Workbook Views E27 Show Zoom MacOS B D 22 Year 2 23 Quarter 1 $ 72,500.00 13,700 24 Quarter2 $ 80,000.00 14,000 25 Quarter 3 S 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 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 43 44 2. Prepare a contribution format income statement for Quarter 1 of Year 3. 45 Sheet1 per unit READY Attempt(s)