FILE HOME INSERT P AGE LAYOUT FORMULAS DATA REVIEW VIEW Sign In Calibri 11 A - A Paste B I U , Alignment Number Cells Editing Conditional Format as Cell Formatting Table Styles Styles Clipboard Font X A1 for To aid in planning, Jay Corporation is preparing a contribution format income o aid in planning, Jay Corporation is preparing a contribution format income statement. udgeted information for Quarter 1 of Year 3: Sales in units Sales price per unit 17,000 48.00 5 .fter analyzing expenses, the company has determined the following cost patterns. Cost of goods sold 29.00 per unit Sales commissions 9.50% per dollar of sales Administrative salaries Rent expense Depreciation expense 45,000.00 per quarter 27,000.00 per quarter 36,000.00 per quarter 30 Management has concluded that shipping expense is a mixed cost. Units shipped and the related shipping cost over he last eight quarters are: ear 1 Quarter 1 Quarter2 Quarter 3 Quarter 4 22 ear 2 23 Quarter 1 ... Total Shipping Cost 67,000.00 94,000.00 89,800.00 92,600.00 Units 12,500 21,000 13,800 20,000 72 son 13700 Sheet1 Sheet1 ... + @ D -- READY Attempt(s) + 100% Show Me Hint Clipboard Font Styles Al X Fc To aid in planning, Jay Corporation is preparing a contribution format income ear 2 Quarter 1 Quarter2 Quarter 3 Quarter 4 72,500.00 80,000.00 84,000.00 100,000.00 S S $ 13,700 14,000 14,300 22,500 25 28 Ise the data to answer the following. . Using the high-low method, determine a cost formula for shipping expenses Total Shipping Cost Units 34 33 ligh level of activity ow level of activity hange in activity 'ariable cost per unit ompute the fixed cost portion using the high level of activity. Total cost at high level of activity Less: Variable cost element otal fixed cost 44 Prepare a contribution format income statement for Quarter 1 of Year 3. ... Sheet1 ... + @ U -- READY Attempt(s) + 100% Show Me Hint X for To aid in planning, Jay Corporation is preparing a contribution format income Jay Corporation Budgeted Contribution Format Income Statement For Year 3, Quarter 1 ales ariable expenses: 52 Cost of goods sold Sales commissions Shipping expense otal variable expenses 56 ontribution margin 57 ixed expenses: Administrative salaries Rent expense 60 Shipping expense Depreciation expense otal fixed expenses let operating income ... Sheet1 ... + READY @ J -- + 100% Show Me Attempt(s) Hint