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 *=819-820" 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"=SUM(C18,C19.020)" 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. to aid in planning, Jay Corporation is preparing a contribution format income statement Budgeted information for Quarter 1 of Year 3: Sales in units Sales price per unit s 17,000 48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of goods sold 29.00 per unit Sales commissions 9.50% per dollar of sales S Administrative salaries Rent expense Depreciation expense $ S s 45,000.00 per quarter 27,000.00 per quarter 36,000.00 per quarter Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over the last eight quarters are: lear 1 Quarter 1 Quarter2 Quarter 3 Quarter 4 Total Shipping Cost S 67,000.00 S 94,000.00 S 89,800.00 S 92,600.00 Units 12,500 21,000 13,800 20,000 fear 2 Quarter 1 Quarter2 Quarter 3 Quarter 4 nana 72,500.00 80,000.00 84,000.00 100,000.00 13,700 14,000 14,300 22,500 Jse the data to answer the following L. Using the high-low method, determine a cost formula for shipping expenses. Total Shipping Cost Units righ level of activity .ow level of activity Change in activity Tariable 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. Jay Corporation Budgeted Contribution Format Income Statement For Year 3, Quarter 1 Sales Tariable expenses Cost of goods sold Sales commissions Shipping expense Total variable expenses contribution margin Fixed expenses: Administrative salaries Rent expense Shipping expense Depreciation expense Total fixed expenses Net operating income