Check my work Morrisey & Brown, Ltd., of Sydney is a merchandising company 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 Three Months Ended September 30 9.1 points Jul August September Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses: 7,000 $735,000 441,000 294,000 7,500 $787,500 472,500 315,000 8,000 $840,000 504,000 336,000 eBook Print Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense 36,400 75,000 120,000 8,400 22,800 262,600 31,400 36,400 79,400 127,200 8,400 22,800 274,200 40,800 36,400 83,800 134,400 8,400 22,800 285,800 $50,200 Total selling and administrative expenses Net operating income Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y a +bx. 3. Redo the company's income statement at the 8,000-unit level of activity using the contribution format