Milden Company has an exclusive franchise to purchase a product from the manufacturer and distribute it on the retail level. As an aid in planning,the company has decided to start using a contribution format income statement. To have data to prepare such a statement, the company has analyzed its expenses and has developed the following cost formulas S210.000 per quarter Shtoooper quarter Management has concluded that shipping expense is a mixed cost. containing both variable and fixed cost elements. Units sold and the related shipping expense over the last eight quarters follow: Quarter Un sold Milden Company's president would like a cost formula derived for shipping expense so that a budgeted contribution format income statement can be prepared for the next Quarter Required 1. Using the high-low method, estimate a cost formula for shipping expense based on the data for the last eight quarters above.(Do not round your intermediate calculations. Round the variable cost per unit to 2 decimal places) activity level Low activity 10000 10 per 2. In the first quarter of Year 3, the company plans to sell 12.000 units at a selling price of $100 per unit. Prepare a contribution format income statement for the quarter. (Do not round your intermediate calculations.)