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.

Budgeted information for Quarter 1 of 2024:Sales in units17,000Sales price per unit$ 48.00

After analyzing expenses, the company has determined the following cost patterns.

Cost of Goods Sold (per unit)$ 29.00Sales Commissions (per dollar of sales)9.50%Administrative Salaries (per quarter)$ 45,000Rent Expense (per quarter)$ 27,000Depreciation Expense (per quarter)$ 36,000

Shipping has been determined to be a mixed cost with the following total costs and units:

2022Total CostUnitsQuarter 1$ 67,00012,500Quarter 2$ 94,00021,000Quarter 3$ 89,80013,800Quarter 4$ 92,60020,0002023 Quarter 1$ 72,50013,700Quarter 2$ 80,00014,000Quarter 3$ 84,00014,300Quarter 4$ 100,00022,500

Required:

Use the data to answer the following.

1. Using the high-low method, determine a cost formula for shipping costs.
2. Prepare a contribution margin income statement for Quarter 1 of 2024..

ALL ANSWERS MUST BE WRITTEN AS EXCEL FORMULAS.Thank you! I rate answers

\begin{tabular}{ll|r|r|} \hline 18 & Quarter 1 & $67,000 & 12,500 \\ \cline { 2 - 4 } 19 & Quarter 2 & $94,000 & 21,000 \\ \cline { 2 - 4 } 20 & Quarter 3 & $89,800 & 13,800 \\ \cline { 2 - 4 } 21 & Quarter 4 & $92,600 & 20,000 \\ \cline { 2 - 4 } 22 & 2023 & & \\ \cline { 2 - 4 } 23 & Quarter 1 & $72,500 & 13,700 \\ \cline { 2 - 5 } 24 & Quarter 2 & $80,000 & 14,000 \\ \cline { 2 - 5 } 25 & Quarter 3 & $84,000 & 14,300 \\ \cline { 2 - 5 } 26 & 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 as positive values.) 1. Using the high-low method, determine a cost formula for shipping costs. 2 Jay Corporation has decided to prepare contribution income statements for internal planning. 3 4 5 \begin{tabular}{|l|r|} \hline Budgeted information for Quarter 1 of 2024: & \\ \hline Sales in units & 17,000 \\ \hline Sales price per unit & $48.00 \\ \hline \end{tabular} 8 After analyzing expenses, the company has determined the following cost patterns. 9 10 11 12 13 \begin{tabular}{l|r|} \hline Cost of Goods Sold (per unit) & $29.00 \\ \hline Sales Commissions (per dollar of sales) & 9.50% \\ \hline Administrative Salaries (per quarter) & $45,000 \\ \hline Rent Expense (per quarter) & $27,000 \\ \hline Depreciation Expense (per quarter) & $36,000 \\ \hline \end{tabular} Shipping has been determined to be a mixed cost with the following total costs and units: 2. Prepare a contribution margin income statement for Quarter 1 of 2024. Jay Corporation Budgeted Income Statement For 2024, Quarter 1 \begin{tabular}{ll|r|r|} \hline 18 & Quarter 1 & $67,000 & 12,500 \\ \cline { 2 - 4 } 19 & Quarter 2 & $94,000 & 21,000 \\ \cline { 2 - 4 } 20 & Quarter 3 & $89,800 & 13,800 \\ \cline { 2 - 4 } 21 & Quarter 4 & $92,600 & 20,000 \\ \cline { 2 - 4 } 22 & 2023 & & \\ \cline { 2 - 4 } 23 & Quarter 1 & $72,500 & 13,700 \\ \cline { 2 - 5 } 24 & Quarter 2 & $80,000 & 14,000 \\ \cline { 2 - 5 } 25 & Quarter 3 & $84,000 & 14,300 \\ \cline { 2 - 5 } 26 & 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 as positive values.) 1. Using the high-low method, determine a cost formula for shipping costs. 2 Jay Corporation has decided to prepare contribution income statements for internal planning. 3 4 5 \begin{tabular}{|l|r|} \hline Budgeted information for Quarter 1 of 2024: & \\ \hline Sales in units & 17,000 \\ \hline Sales price per unit & $48.00 \\ \hline \end{tabular} 8 After analyzing expenses, the company has determined the following cost patterns. 9 10 11 12 13 \begin{tabular}{l|r|} \hline Cost of Goods Sold (per unit) & $29.00 \\ \hline Sales Commissions (per dollar of sales) & 9.50% \\ \hline Administrative Salaries (per quarter) & $45,000 \\ \hline Rent Expense (per quarter) & $27,000 \\ \hline Depreciation Expense (per quarter) & $36,000 \\ \hline \end{tabular} Shipping has been determined to be a mixed cost with the following total costs and units: 2. Prepare a contribution margin income statement for Quarter 1 of 2024. Jay Corporation Budgeted Income Statement For 2024, Quarter 1