Please provide excel formulas used to find answers.

6 B C 28 Use the data to answer the following. 29 1 Jay Corporation has decided to prepare contribution income statements for internal planning. 30 1. Using the high-low method, determine a cost formula for shipping expenses. 31 3 Budgeted information for Quarter 1 of Year 3: 32 Total Shipping Cost Units 4 Sales in units 17.000 | 33 High level of activity 5 Sales price per unit $ 48.00 34 Low level of activity 35 Change in activity 7 After analyzing expenses, the company has determined the following cost patterns. 36 8 Variable Cost of Goods Sold (per unit) $ 29.00 37 Variable shipping cost per unit per unit 9 Sales Commissions (per dollar of sales) 9.50% 38 10 39 Fixed shipping cost: (Note: please use the highest activity point to compute the total fixed cost.) | 11 Fixed Manufacturing Overhead (per quarter) S 45,000.00 40 Total shipping cost at high level of activity 12 Administrative Salaries (per quarter) $ 27.000.00 41 Less: Variable shipping cost at high level of activity 13 Depreciation Expense (per quarter) $ 36,000.00 | 42 Total fixed shipping cost 14 44 2. Prepare a contribution margin income statement for Quarter 1 of Year 3. 15 Shipping Cost has been determined to be mixed with the following costs for the past two years: 45 16 Jay Corporation Budgeted Income Statement 17 Year 1 Total Cost Units For Year 3, Quarter 1 49 18 Quarter 1 $ 67,000.00 12.500 50 Sales 19 Quarter2 $ 94,000.00 21,000 51 Variable expenses: 52 Cost of goods sold 20 Quarter 3 $ 89,800.00 13,800 53 Sales commissions 21 Quarter 4 $ 92,600.00 20.000 54 Shipping expense (Variable portion) 55 Total variable expenses 22 Year 2 56 Contribution margin 57 Fixed expenses: 23 Quarter 1 $ 72,500.00 13,700 58 Fixed Manufacturing Overhead 24 Quarter2 $ 80.000.00 14,000 59 Administrative Salaries 60 Shipping expense (Fixed portion) 25 Quarter 3 $ 84,000.00 14,300 61 Depreciation expense 62 Total fixed expenses 26 Quarter 4 $ 100,000.00 22,500 63 Net operating income 46 47 48