1 8 mnot E. clatemment 2-b. Using the high-low method, state the cost formula for each mixed expense- Required: 1. Identliy each of the company's expenses (including cost of goods sold) as being varlable, fixed, or mixed, 2-o. Using the high-low method, separate each mixed expense into varlable and fixed elements Smith \& Chief Ltd, of Sydney. Australia, is a merchandising firm that is the sole distributor of a product that is increasing in popufarily (Note Smith \& Chief Lid's Australian-formatted income statement has been recast into the format comunon in Canada. The Austritian dallar is denoted by AS.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being varlable, fixed, or mixed