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+B20 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(C18,C19,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.

ALL ANSWERS MUST BE ENTERED AS A FORMULA FOR THE EXCEL SHEET

High-Low Method; Contribution Format Income Statement - Excel HOME INSERT PAGE LAYOUTFORMULAS DATA REVIEWVIEW Calibri H A. Alignment Number Conditional Format as Cell Cells Editing Paste Clipboard F C5 . Formatting Table" Styles 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 17,000 48.00 5 Sales price per unit After analyzing expenses, the company has determined the following cost patterns 8 Cost of goods sold 9 Sales commissions 10 11 Administrative salaries 12Rent expense 13 Depreciation expense 29.00 per unit 9.50% per dollar of sales 45,000.00 per quarter 27,000.00 per quarter 36,000.00 per quarter