com/hm.tpx 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 statenents for the three most recent months follow For the Three Months Ended September 30 Sales in units 4,000 4,500 5,000 $400000 $45000 $600,00 240,000 270,000 300,000 Cost of goods sold Gross margin Selling and administrative expenses: 160,000 180,000 Advertising expense Shipping expense salaries and commissions Insurance expense Depreciation expense 21,000 34,000 78,000 6,000 15,000 21,000 36,000 84,000 6,000 15,000 21,000 38,000 90,000 6,000 15,000 Total selling and administrative expenses 54,000 162,000 170,000 Net operating income 6,000 18,000 $ 30,000 1. Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Fixed Mixed Mixed Fixed Fixed 2. Using the high-low method, separate each mixed expense into variable and fixed elements. State the odtf mla tor ow nthod sacearates each mixed expense into variable and fxed elements. State the cost formula for each mixed expense Variable Cost Fixed Cost Formula