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Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over the last eight quarters are: To aid in planning, Jay Corporation is preparing a contribution format income se the data to answer the following. Using the high-low method, determine a cost formula for shipping expenses. Compute the fixed cost portion using the high level of activity. Total cost at high level of activity Less: Variable cost element Total fixed cost 2. Prepare a contribution format income statement for Quarter I of Year 3 . Saved Styles A1 fx To aid in planning, Jay Corporation is preparing a contribution format incon A: B C D E 2. Prepare a contribution format income statement for Quarter 1 of Year 3. Jay Corporation Budgeted Contribution Format Income Statement For Year 3, Quarter 1 Sales 51 Variable expenses: 52 Cost of goods sold 53 Sales commissions 54 Shipping expense 55 Total variable expenses 56 Contribution margin 57 Fixed expenses: 58 Administrative salaries 59 Rent expense 60 Shipping expense 61 Depreciation expense 62. Total fixed expenses 63 Net operating income 64 65 66 4, Sheet1 RSNOY Attempt(c)