D 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 0158:18 Sales in units Quarter 3 3,450 4,900 Quarter 4 3,000 4,400 Sales revenue A$490,000 A$440,000 A$548,000 294,000 Less: Cost of goods sold Gross margin 264,000 328,800 A$see,eee 300,000 Book 196,000 176,000 219,200 200,000 Less: Operating expenses: 21,400 21,400 21,400 21,400 Advertising expense Shipping expense 35,600 37,600 41,920 37,520 Salaries and commissions 80,400 79,900 91,760 87,320 Insurance expense 6,400 6,400 4,400 6,400 15,400 Depreciation expense 15,400 15,400 15,400 Total operating expenses. 159,200 159,600 176,880 168,040 Net Income AS 36,800 AS 16,400 AS 42,320 AS 31,960 (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$) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed Expenses Classification Variable Cost of goods sold diakan penan Fixed Q **** 100% Collapse 25 01:57:52 look 80,400 78,800 91,760 87,320 Salaries and commissions Insurance expense Depreciation expense Total operating expenses 6,400 6,400 6,400 6,400 15,400 15,400 15,400 15,400 159.200 159,600 176,850 168,040 Net income AS 36,800 A$ 16,400 AS 42,320 AS 31,960 (Note: Morrisey & Brown, Ltd's Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by AS.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed Expenses Classification Variable Cost of goods sold Advertising expense Fixed Shipping expense Mixed Salaries and commissions Mixed Insurance expense Fixed Fixed Depreciation expense Next >