use the information provided below, the high low method and the contribution margin approach to prepare a contribution format income statement.

please enter in same format so it is easy to understand.

Boyd Corporation is a manufacturer that uses job-order costing. On January 1, 2024, the company's inventory balances were as follows: 63000 Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory 41000 58000 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, 2024, the company's predetermined overhead rate per direct labor-hour was based on a cost formula that estimated $806,000 of total manufacturing overhead for an estimated activity level of 62,000 direct labor-hours. Sales Revenue Accounts Receivable 1,728,000 2,848,000 Accounts Payable 558,000 415,000 548,000 1,521,000 1,728,000 2,848,000 Wages Payable 1,134,000 bal. Raw Materials Inventory 63,000 558,000 528,000 93,000 Manufacturing Overhead 198,000 572,000 548,000 174,000 1,134,000 746,000 746,000 0 bal Work-in-Process Inventory 41,000 528,000 1,728,000 648,000 572,000 61,000 Cost of Goods Sold 1,738,000 174,000 bal. 1,912,000 Finished Goods Inventory 58.000 1,728,000 1,738,000 48,000 Selling & Administrative Expenses 288,000 415,000 703,000 Boyd Corporation Schedule of Cost of Goods Manufactured Year of 2024 $ 41,000 $ 528,000 648,000 572,000 Beginning Work in Process Inventory Direct Materials Used in Production Direct Labor Manufacturing Overhead Total Manufacturing Costs Total Cost of WIP Less: Ending WIP inventory Costs of Goods Manufactured 1,748,000 1,789,000 61,000 $ 1,728,000 Requirement 6: Complete the Cost of Goods Sold schedule. Boyd Corporation Schedule of Cost of Goods Sold Year of 2024 Beginning finished goods inventory Add: costs of goods manufactured Cost of goods available for sale Less: ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods sold $ 58,000 1.728.000 1,786,000 48,000 $ 1,738,000 174,000 $ 1,912,000 Requirement 7: Complete the Income Statement. Boyd Corporation Income Statement Year of 2024 Sales Costs of goods sold Gross margin Selling and administrative expenses Net operating income $ 2,848,000 1,912,000 936,000 703,000 $ 233,000 Requirement 8 Use the information provided below, the high low method and the contribution margin approach to prepare a contribution format income statement Use your mixed cost formulas to create your contribution format statement. Reference the DATA cell(s) as provided to complete your statement below. Format as numbers. Round to 2 decimal places where appropriate Boyd Corporation Income Statement For the Year 2023 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income $ 2,280,000 1,560,000 720,000 597,000 $ 123,000 Boyd sold 400 units in 2023 High Low Method Cost of Goods Sold Step 1 - Variable cost per unit Step 2 - Fixed Cost Step 3 - Mixed Cost Formula (STATE the ACTUAL formula in the blue box provided) Selling & Administrative Costs Step 1 - Variable cost per unit Step 2 - Fixed Cost Step 3 - Mixed Cost Formula (STATE the ACTUAL formula in the blue box provided) Contribution Format Per Unit DATA (refer to Requirement 8) Description Unit Sales for 2024 500 Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Breakeven Target Profit $ $ 655,000 Requirement 9 Use the contribution margin approach to compute the company's annual breakeven in units. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Breakeven in Units Requirement 10 Use the contribution margin ratio approach to compute the breakeven point in sales dollars. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Format the ratio as a percent, breakeven in dollars as accounting number format in whole dollars. Contribution margin ratio Breakeven in Dollars Requirement 11 Use the contribution margin approach to compute the annual sales level in units) required to earn a target operating income of $655,000. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Use the Excel ROUNDUP function to obtain whole units to reach the target operating income. Target sales level (in units) Requirement 12 Use the contribution margin approach to compute the annual increase in operating income if sales increase to 501 units. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Use the Excel ROUNDUP function to obtain whole units or dollars New Operating Income change in Operating Income Requirement 13 Use the contribution margin approach to compute the change in net operating income if sales fall by 90 units. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Use the Excel ROUNDUP function to obtain whole units or dollars New Operating Income change in Operating Income Requirement 14 Use the contribution margin approach to compute the change in net operating income if the selling price per unit increases by $20 per unit and the sales volume decreases by 50 units. Reference the DATA cell(s) in your formula below. Format as number. Use the Excel ROUNDUP function to obtain whole units or dollars Requirement 15 Use the contribution margin approach to compute the change in net operating income if the sales increase by 5% and advertising spending is increased by $5,000. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Use the Excel ROUNDUP function to obtain whole units or dollars New Operating Income change in Operating Income Requirement 16 Use the contribution margin approach to calculate margin of safety in dollars, as a percent and in units. Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Use the Excel ROUNDUP function to obtain whole units or dollars Margin Safety $ Margin Safety % Margin Safety units Requirement 17 Use the contribution margin approach to calculate operating leverage. What is the estimated percent increase in net income if sales increase 10%? New Operating Income? Reference the DATA cell(s) in your formula below. Format as a number. Always refer to the original data. Operating Leverage Change in Operating Income % New Operating Income $