B ezto.mheducation.com Contribution Margin Approach el Simulation 0 Saved Help Save & Exit 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. Budgeted information for Quarter 1 of 2024: Sales in units 17,000 Sales price per unit $ 48.00 After analyzing expenses, the company has determined the following cost patterns. Cost of Goods Sold (per unit) Sales Commissions (per dollar of sales) Administrative Salaries (per quarter) 3; 4 Rent Expense (per quarter) is 27,000 Depreciation Expense (per quarter) $ 3 $ 29.00 9.50% Shipping has been determined to be a mixed cost with the following total costs and units: 2022 Total Cost Units Quarter 1 $ 67,000 12,500 Quarter 2 $ 94,000 21,000 Quarter 3 $ 89,800 13,800 Quarter 4 $ 92,600 20,000 2023 Quarter 1 $ 72,500 13,700 Quarter 2 $ 80,000 14,000 Quarter 3 $ 84,000 14,300 Quarter 4 $ 100,000 22,500 Required: Use the data to answer the following. _ . k 1. Using the highlow method, determine a cost formula for shipping costs. 2. Prepare a contribution margin income statement for Quarter 1 of 2024. Navigation: 1. Use the 0 en 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. 3 Next Prev 1 of 1