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. PLEASE USE FORMULA IN ANSWER

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"-84" 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 * B19-820" 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 SUMC18.019,C201" 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:C207 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, -11 Paste D E G Calibri A 96 M Alignment Number Conditional Format as Cell Cells Editing Formatting Table Styles Cipboard Font Styles AI To aid in planning, Jay Corporation is preparing a contribution format income B F 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 46 Jay Corporation 47 Budgeted Contribution Format Income Statement 48 For Year 3, Quarter 1 49 SO Sales 51 Variable expenses 52 Cost of goods sold 53 Sales commissions 54 Shipping expense ss 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 79% L READY Attempt(s)