Edwards & Shaw Income Statement For the Three Months Ending September 30th July August 4,500 5,000 $ 675,000 $ 750,000 $ 275,000 300,000 400,000 450,000 September 6,000 900,000 350,000 550,000 Sales in Units Sales Revenue Cost of Goods Sold Gross Margin Operating Expenses: Advertising expense Shipping expense Salaries and commissions Legal expense Depreciation expense Total Operating Expense Operating Income 11,000 27,000 127,500 7,000 10,000 182,500 217,500 $ 11,000 30,000 135,000 7,000 10,000 193,000 257,000 $ 11,000 36,000 150,000 7,000 10,000 214,000 336,000 $ 1) Identify each of the company's expenses as either variable, fixed, or mixed. For the FC list the total fixed costs per month for each month. For VC list the variable cost per unit for each month. For MC list the total average cost per unit for each mixed cost per month. July August September Fixed Costs Variable Costs Mixed Costs 2) Using the high-low method, separate each of the mixed expenses into variable and fixed elements. State the cost equation for each mixed cost. You may have more than one mixed cost. Variable Rate Fixed Cost Cost Formula It's Ok to type the cost formula directly into the cells, although you will not receive credit If the variable rate and fixed costs are not calculated using Excel cell references and formulas