Less: Cost of goods sold Morrisey & Brown, Ltd., of Sydney, Australia, is a merchandising firm that is the sole distribu popularity among Australian consumers. The company's income statements for the three m Sales in units Sales revenue MORRISEY & BROWN, LTD. Income Statements For the Four Quarters Ending December 31 Quarter 1 6,100 Quarter 2 5,600 Quarter 3 6,920 Quarter 4 6,200 A$610,000 A$560,000 A$692,000 A$620,000 366,000 336,000 415,200 372,000 Gross margin 244,000 224,000 276,800 248,000 Less: Operating expenses: Advertising expense 22,600 22,600 22,600 22,600 Shipping expense 40,400 42,400 47,680 42,080 Salaries and commissions 87,600 81,200 97,040 94,280 Insurance expense 7,600 7,600 7,600 7,600 Depreciation expense 16,600 16,600 16,600 16,600 Total operating expenses 174,800 170,400 191,520 183.160