Problem $5$A$-9($Algo$)$ High$-$Low Method; Contribution Format Income Statement

$[$L$05-10]$

Milden Company is a distributor that wants to start using a contribution format income statement for planning

purposes. The company analyzed its expenses and developed the following cost formulas:

Because shipping expense is a mixed cost, the company needs to estimate the variable shipping expense per

unit sold and the fixed shipping expense per quarter using the following data:

Required:

Using the high$-$low method, estimate a cost formula for shipping expense in the form $Y=a+bx.$

In the first quarter of Year $3,$ the company plans to sell $33,000$ units at a selling price of $$55$ per unit. Prepare

a contribution format income statement for the quarter.PLEASE HELP Problem $5$A$-9($Algo$)$ High$-$Low Method; Contribution Format Income Statement $[$LO$5-10]$ Milden Company is a distributor who wants to start using a contribution format income statement for planning purposes. The company has analyzed its expenses and developed the following cost formulas: Because shipping expense is a mixed cost, the company needs to estimate the variable shipping expense per unit sold and the fixed shipping expense per quarter using the following data: Required: $1.$ Using the high$-$low method, estimate a cost formula for shipping expense in the form Y$=$a$+$b X $2.$ In the first quarter of Year $3,$ the company plans to sell $37,000$ units at a selling price of $ $61$ per unit. Prepare a contribution format. income statement for the quarter.Required: $1.$ Using the high$=$low method, estimate a coct formula for shipping expense in the form $\backslash$gamma $=$a$+$b X$.2.$ In the first quarter of Year $3,$ the company plans to sell $37,000$ units at a selling price of $ $61$ per unit. Prepare a contribution form income statement for the quarter. Complete this question by entering your answers in the tabs below. Using the high$-$low method, estimate a cost formula for shipping expense in the form Y$=$a$+$b X$.($Round the Variable cost per unit to $2$ decimal places.$)$In the first quarter of Year $3,$ the company plans to sell $37,000$ units at a selling price of $ $61$ per unit. Prepare a contribution format income statement for the quarter.