Milden Company is a distributor who wants to start using a contribution format income statement for planning purposes. The company has analyzed its expenses and developed the following cost formulas Cost Formula $24 per unit sold $174,000 per quarter 8% of sales Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense $84,000 per quarter $9,400 per quarter $54,000 per quarter Because shipping expense is a mixed cost, the company needs to estimate the variable shipping expense per unit sold and the fixed shipping expense per quarter using the following data Shipping Units Sold Expense Quarter Year 1: 20,000 164,000 22,000 179,000 27,000 23,000 First Second Third Fourth 221,000 $184,000 Year 2: 174,000 $189,000 $ 236,000 $212,000 First Second Third Fourth 21,000 24,000 38,000 35,000 Required 1. Using the high-low method, estimate a cost formula for shipping expense in the form Y=a + bX. 2. In the first quarter of Year 3, the company plans to sell 29,000 units at a selling price of $54 per unit. Prepare a contribution format income statement for the quarter Complete this question by entering your answers in the tabs below. Required 1Required 2 Using the high-low method, estimate a cost formula for shipping expense in the form Ya bX. Required 1 Required 2 In the first quarter of Year 3, the company plans to sell 29,000 units at a selling price of $54 per unit. Prepare a contribution format income statement for the quarter. Milden Company Budgeted Contribution Format Income Statement For the First Quarter, Year 3 Variable expenses Total variable expenses Fixed expenses: Total fixed expenses