E Connect ACCOUNTING Chapter 01 Homework Question 3 (of 4) 1.00 points 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 companys income statements for the three most recent months follow: Morrisey & Brown, Ltd. For the Three Months Ended September 30 Sales in units ust September 4,500 Sales $400,000 $450,000 $500,000 Cost of goods sold 270,000 300,000 180,000 Selling and administrative expenses: Advertising expense 21.000 Shipping expense Salaries and commissions 6.000 Depreciation expense 15,000 15,000 Total selling and administrative expenses 154,000 162,000 170,000 Net operating income 6.000 18,000 30,000