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 20241 Sales in units Sales price per unit 17,000 $ 48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales). Administrative Salaries (per quarter) Rent Expense (per quarter) Depreciation Expense (per quarter) $ 29.00 9.50% $ 45,000 $ 27,000 $ 36,000 Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Quarter 1 Total Cost Units $ 67,000 12,500 Quarter 2 $ 94,000 21,000 Quarter 3 $ 89,800 13,800 Quarter 4 $ 92,600 20,000 2023 Quarter 1 $ 72,500 13,700 Quarter 2 $ 80,000 14,000 Quarter 3 $ 84,000 14,300 $ 100,000 22,500 Quarter 4 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. Navigation: 1. Use the Open Excel in New Tab button to launch this question. 2. When finished in Excel, use the Save and Return to Assignment button in the lower right to return to Connect.