Please only submit the excel keys for yellow boxes...Dont need the values just the excel keys for them.

Preparing a Contribution Format Income Statement Using the High-Low Method 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. Here are some tips for using Excel: . Cell Reference: Allows you to refer to data from another cell in the worksheet. If you entered "=B5" into a blank cell, the formula would output the value from cell B5. . Basic Math Functions: Allow you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), *(asterisk sign to multiply), and / (forward slash to divide). For example, if you entered "=B4+B5" in a blank cell, the formula would add the values from those cells and output the result. SUM Function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges. If you entered "=SUM(C4,C5,C6)" into a blank cell, the formula would output the result of adding those three separate cells. Similarly, if you entered "=SUM(C4:C6)", the formula would output the same result of adding those cells. 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. 4 Budgeted information for Quarter 1 of 2024: 5 Sales in units 17,000 6 Sales price per unit $48.00 8 After analyzing expenses, the company has determined the following cost patterns. 9 Cost of Goods Sold (per unit) $29.00 10 Sales Commissions (per dollar of sales) 9.50% 11 Administrative Salaries (per quarter) $45,000 12 Rent Expense (per quarter) $27,000 13 Depreciation Expense (per quarter) $36,000 14 15 Shipping has been determined to be a mixed cost with the following total costs and units: 16 17 2022 Total Cost Units 18 Quarter 1 567,000 12,500 19 Quarter2 $94,000 21,000 20 Quarter 3 589,800 13,800 21 Quarter 4 592,600 20,00022 2023 23 Quarter 1 572,500 13,700 24 Quarter2 580,000 14,000 25 Quarter 3 584,000 14,300 26 Quarter 4 5100,000 22,500 27 28 Use the data to answer the following. 29 (Use cells A4 to C26 from the given information to complete this question. All answers shou 3032 1. Using the high-low method, determine a cost formula for shipping costs. 33 34 Total Cost Units 35 High level of activity 36 Low level of activity 37 Change in activity 38 39 Variable cost per unit 40 41 Fixed cost portion: 42 Total cost at high level of activity 43 Less: Variable cost element 44 Total fixed cost 4546 2. Prepare a contribution margin income statement for Quarter 1 of 2024. 47 48 Jay Corporation 49 Budgeted Income Statement 50 For 2024, Quarter 1 51 Sales 52 Variable expenses: 53 Cost of goods sold 54 Sales commissions 55 Shipping expense 56 Total variable expenses 57 Contribution margin 58 Fixed expenses: 59 Adminstrative salaries 60 Rent expense 61 Shipping expense 62 Depreciation expense 63 Total fixed expenses 64 Net operating income 65 66