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.

show the formulas used to get the answers for the yellow boxes please

15 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over the last eight quarters are: Use the data to answer the following. 1. Using the high-low method, determine a cost formula for shipping expenses. \begin{tabular}{|l|l|} \hline 31 & \\ \hline 32 & \\ \hline 33 & High level of activity \\ \hline 34 & Low level of activity \end{tabular} 34 Low level of activity Change in activity Variable cost per unit Compute the fixed cost portion using the high level of activity. Total cost at high level of activity Less: Variable cost element Total fixed cost 2. Prepare a contribution format income statement for Quarter 1 of Year 3. 2. Prepare a contribution format income statement for Quarter 1 of Year 3. Jay Corporation Budgeted Contribution Format Income Statement For Year 3, Quarter 1 Sales Variable expenses: Cost of goods sold Sales commissions Shipping expense Total variable expenses Contribution margin Fixed expenses: 58 Administrative salaries Rent expense Shipping expense Depreciation expense Total fixed expenses Net operating income