Jay Corporation has provided data from a two-year period to ald in planning. The Controller has asked you to prepare a contribution format income statement. After analyzing expenses, the company has determined the following cost patterns. Shipping has been determined to be a mixed cost with the following total costs and units: 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. 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. Jay Corporation has decided to prepare contribution income statements for internal planning. After analyzing expenses, the company has determined the following cost patterns. 5 Shipping has been determined to be a mixed cost with the following total costs and units: A1 fx Accessibility tab summary: Information about Jay Corporation is presented in row 2. Financial information of th 28 Use the data to answer the following. 29 (Use cells A4 to C26 from the given information to complete this question. All answers should be input and displayed as positive values.) 31 32 1. Using the high-low method, determine a cost formula for shipping costs. 33 34 35 36 . High level of activity 36 Low level of activity 37 Change in activity 38 39 Variable cost per unit 40 41 Fixed cost portion: Graded Worksheet Calculation Mode: Automatic Workbook Statistics 2. Prepare a contribution margin income statement for Quarter 1 of 2024. A1 Ciculabion Mode: Automatic Workbook Stantitic