For the Four Quarters Ending December 31 Quarter 1 Quarter 2 5,300 4,800 Sales in units Sales revenue Less: Cost of goods sold Gross margin Less: Operating expenses: MORRISEY & BROWN, LTD. Income Statements Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total operating expenses Net income A$530,000 A$480,000 318,000 288,000 212,000 192,000 21,800 37,200 82,800 Quarter 3 Quarter 4 5,400 5,960 A$596,000 357,600 238,400 A$540,000 324,000 216,000 21,800 21,800 39,200 43,840 79,600 93,520 6,800 6,800 6,800 15,800 15,800 15,800 164,400 163,200 181,760 A$ 47,600 A$ 28,800 A$ 56,640 A$ 42,920 21,800 39,040 89,640 6,800 15,800 173,080

Australian dollar is denoted by A$.) Required: 1. Identify each of the company's expenses (including cost of goods solc Australian dollar is denoted by A$.) Required: 1. Identify each of the company's expenses (including cost of goods solc