Preparing a Contribution Format Income Statement Using the High-Low Method Jay Corporation has provided data from a two-year period to ald 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. - Bosic Math Functions: Allow you to use the basic math symbois to perform mathematical functions. You can use the following keys: + (plus sign to add). - (minus sign to subtract). " (asterisk sign to muitiply), and / (forward slash to divide). For example, If you entered =B4+B5In 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 reference 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. After analyzing expenses, the company has determined the following cost patterns. Shipping has been determined to be a mixed cost with the following total costs and units Use the dato to answer the following (Use cells A4 to C26 from the given information to complete this question. All answers should be input and displayed as positive values.) 1 Usine the high-low method, determine a cost formula for shipping costs. 1. Using the high-low method, determine a cost formula for shipping costs. 2. Prepare a contribution margin income statement for Quarter 1 of 2024