Assignment 1- 10 Marks Below are the most recent traditional income statements for each of the 4 quarters of the annual year 2019 for Ice Cream Ltd., a company that manufactures and sells ice cream. Ice Cream Ltd. Comparative Income Statements For the four quarters ended December 31, 2019 Q1 Q2 Q3 04 Sales in units 10,000 40,000 80,000 30,000 Sales revenue $100,000 $400,000 $800,000 $300,000 Cost of goods sold 30.000 90.000 120.000 70.000 Gross Profit 70,000 310,000 630.000 230,000 Selling and administrative expenses: Depreciation expense 5.000 5,000 5,000 5.000 Wages, Salaries and commissions 30.000 60,000 100,000 50,000 Advertising expense 20.000 20,000 20,000 20,000 Other expenses 7,000 22.000 42,000 17.000 Shipping expense 10,000 40.000 80.000 30.000 Total Selling and admin expenses 72.000 147.000 247.000 122.000 Net operating income (loss) (2.000) 163.000 383.000 108.000 Required: 1. Identify each of the company's expenses as either variable, mixed or fixed. 2. Using the high-low method, separate the mixed expenses into variable and fixed elements. State the cost formula for each mixed expense. 3. Redo the company's income statement at the sales level of 40,000 units using the contribution income statement format 4. Redo the company's income statement at the sales level of 60,000 units using the traditional income statement format