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. Using the high-low method, determine a cost formula for shipping costs. Prepare a contribution margin income statement for Quarter 1 of 2024.. 2 Jay Corporation has decided to prepare contribution income statements for internal planning. 3 4 5 \begin{tabular}{|l|r|} \\begin{tabular}{ll|r|r|} \hline 18 & Quarter 1 & \( \$ 67,000 \) & 12,500 \\ \cline { 2 - 4 } 19 & Quarter 2 & \( \$ 94,000 \2. Prepare a contribution margin income statement for Quarter 1 of 2024. Jay Corporation Budgeted Income Statement For 2024, ALL ANSWERS MUST BE WRITTEN AS EXCEL FORMULAS.Thank you! I rate answers