10 points Sales in units Sales revenue Morrisey & Brown, Ltd., of Sydney, Australia, is a merchandising firm that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company's income statements for the three most recent months follow: MORRISEY & BROWN, LTD. Income Statements For the Four Quarters Ending December 31 Quarter 1 Quarter 2 5,200 5,700 A$570,000 A$520,000 A$644,000 Quarter 3 Quarter 4 6,440 5,800 A$580,000 eBook Less: Cost of goods sold Print Gross margin Less: Operating expenses: 342,000 312,000 386,400 228,000 208,000 257,600 348,000 232,000 Advertising expense 22,200 22,200 22,200 22,200 Shipping expense 38,800 40,800 45,760 40,560 Salaries and commissions 85,200 80,400 95,280 91,960 Insurance expense 7,200 7,200 7,200 7,200 Depreciation expense 16,200 16,200 References 169,600 166,800 16,200 186,640 16,200 178,120 Total operating expenses Net income. A$ 58,400 A$ 41,200 A$ 70,960 A$ 53,880 (Note: Morrisey & Brown, Ltd.'s Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by A$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Classification