need answers to highlighted areas. formulas included, not just answers.

Jave E F G A B D 1 Jay Corporation has decided to prepare contribution income statements for internal planning. 2 3 Budgeted information for Quarter 1 of Year 3: 4 Sales in units 17,000 5 Sales price per unit $ 48.00 6 7 After analyzing expenses, the company has determined the following cost patterns. 8 Cost of Goods Sold (per unit) $ 29.00 9 Sales Commissions (per dollar of sales) 9.50% 10 11 Administrative Salaries (per quarter) s 45,000.00 12 Rent Expense (per quarter) $ 27,000.00 13 Depreciation Expense (per quarter) $ 36,000.00 14 15 16 1. Prepare a contribution margin income statement for Quarter 1 of Year 3. 17 18 Jay Corporation 19 Budgeted Income Statement 20 For Year 3, Quarter 1 21 22 Sales 23 Variable expenses: A B D E F 15 16 1. Prepare a contribution margin income statement for Quarter 1 of Year 3. 17 18 Jay Corporation 19 Budgeted Income Statement 20 For Year 3, Quarter 1 21 22 Sales 23 Variable expenses: 24 Cost of goods sold 25 Sales commissions 26 Total variable expenses 27 Contribution margin 28 Fixed expenses: 29 Adminstrative salaries 30 Rent expense 31 Depreciation expense 32 Total fixed expenses 33 Net operating income 34 35 36 37