July 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 company's income statements for the three most recent months follow: Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 August September Sales in units 8,250 8,750 9,250 Sales $ 783,750 Coat of goods sold $831,250 $ 878,750 470,250 498,750 522, 250 Gross margin 313.500 332,500 351,500 Selling and administrative expenses Advertising expense 25,400 25,400 25,400 Shipping expense 102,500 107.900 113,300 Salaries and commissions 150,000 157, 700 165,400 Insurance expense 7.350 7,350 7,350 Depreciation expense 21,400 21,400 21,400 Total selling and administrative expenses 306,650 319, 750 332.850 Net operating Incona $ 6,850 $ 12.750 $ 18,650 Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y = a +bX Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y = a + bx. Complete this question by entering your answers in the tabs below. Required 1 Required 2 By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as elther variable, fixed, or mixed. Expenses Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Complete this question by entering your answers in the tabs below. Required Required 2 Using the high-low method, separate each mixed expense Into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y-3 + bx (Round the Variable cost per unit to 1 decimal place) Variable Cost Fixed Cost Formula per unit per unit ly X