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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: Quarter B 5,480 Quarter 4 5,000 A$ 548,000 328,800 219, 200 A$500,000 300,000 200,000 MORRISEY & BROWN, LTD. Income Statements For the Four Quarters Ending December 31 Quarter 1 Quarter 2 Sales in units 4,900 4,400 Sales revenue A$490,000 A$440,000 Less: Cost of goods sold 294,000 264,000 Gross margin 196,000 176,000 Less: Operating expenses: Advertising expense 21,400 21,400 Shipping expense 35,600 37,600 Salaries and commissions 80,400 78,800 Insurance expense 6,400 6,400 Depreciation expense 15,400 15,400 Total operating expenses 159, 200 159,600 A$ 36,800 A$ 16,400 Net income 21,400 41.920 91, 760 6,400 15,400 176,880 A$ 42,320 21,400 37.520 87320 6.400 15,400 168, 040 A$ 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$.) Required: nonds sold) as being variable, fixed, or mixed. Sovee 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Classification Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense 2-a. Using the high-low method, separate each mixed expense into variable and fixed elements. Variable Cost Fixed Cost AS per unit AS AS AS per unit per unit AS AS 2-b. Using the high-low method, state the cost formula for each mixed expense. Y= A$ + A$ Y= A$ + A$ XXX Y= A$ + A$ 3. Redo the company's income statement at the 5,480-unit level of activity using the contribution format. MORRISEY & BROWN, LTD Contribution Margin Income Statement For the Quarter Ended September 30 Sales in units AS Less: Variable expenses AS 0 0 Less: Fixed expenses 0 A$ 0 4. Assume that the company's sales are projected to be 4.700 units in the next quarter. Prepare a contribution margin income statement. MORRISEY & BROWN, LTD. Contribution Margin Projected Income Statement For the Quarter Ended March 31 Sales in units A$ Less: Variable expenses AS 0 Olo 0 Less: Fixed expenses