Assignment 1[ 5 Marks]: Due date(2nd/07/2020) 1. In November, Mazoon company, a merchandising company, had sales of $294,000, selling expenses of $27,000, and administrative expenses of $35,000. The cost of merchandise purchased during the month was $211,000. The beginning balance in the merchandise inventory account was $38,000 and the ending balance was $34,000. Required: Prepare a traditional format income statement for November. (2 marks) 2. Majan company shared Qe following data for a number of recent months: O April May. June July August September October November Product Returns 24 23 27 39 36 35 Warranty Cost $2.972 $2.928 $3,141 $3,752 $3.569 $3.551 $3.071 $3,636 26 37 Required: Estimate the variable cost per product return and the fixed cost per month using high-low method