Morrisey & Brown, Limited, 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, Limited Income Statements For the Three Months Ended September 30 July Sales in units Sales 5,000 $625,000 August 5,500 September $ 687,500 6,000 $750,000 Cost of goods sold 375,000 412,500 450,000 Gross margin 250,000 275,000 300,000 Selling and administrative expenses: Advertising expense 22,800 22,800 22,800 Shipping expense 46,000 48,800 51,600 Salaries and commissions 92,000 98,400 Insurance expense Depreciation expense Total selling and administrative expenses 6,050 24,700 191,550 6,050 24,700 200,750 104,800. 6,050 24,700 209,950 $ 58,450 $74,250 $ 90,050 Net operating income 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. 3. Redo the company's Income statement at the 6,000-unit level of activity using the contribution format. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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. Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Classification Required Required 2 > Morrisey & Brown, Limited, 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, Limited Income Statements For the Three Months Ended September 30 Sales in units July 5,000 August September 5,500 6,000 Sales $625,000 $687,500 Cost of goods sold $750,000 375,000 412,500 450,000 Gross margin 250,000 275,000 300,000 Selling and administrative expenses: 22,800 22,800 22,800 46,000 48,800 51,600 Salaries and commissions 92,000 98,400 104,800 6,050 6,050 Total selling and administrative expenses 24,700 191,550 24,700 200,750 6,050 24,700 209,950 $ 58,450 $74,250 $ 90,050 Advertising expense Shipping expense Insurance expense Depreciation expense Net operating income 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 3. Redo the company's income statement at the 6,000-unit level of activity using the contribution format. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Ya + bx. (Round the Variable cost per unit to 1 decimal place.) Variable Cost per unit per unit Fixed Cost Formula Morrisey & Brown, Limited, of Sydney is a merchandising company that is the sole distributor of a product that is increasing in opularity among Australian consumers. The company's income statements for the three most recent months follow Sales in units Sales Morrisey & Brown, Limited Income Statements For the Three Months Ended September 30 July August September 5,000 5,500 6,000 $625,000 $687,500 $150,000 Cost of goods sold 175,000 Gross margin 250,000 412,500 275,000 450,000 300,000 Selling and administrative expenses Advertising expense 22,000 22,000 32,400 Shipping expense 46,000 48,800 51,600 Salaries and commissions 92,000 98,400 104,800 Insurance expense 6,050 6.050 6,050 Depreciation expense 24,700 24,700 Total selling and administrative expenses 191,550 200,750 24.700 209,950 set operating income $56,450 74,250 90,958 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 3. Redo the company's income statement at the 6,000-unit level of activity using the contribution format Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Redo the company's income statement at the 6,000-unit level of activity using the contribution format. Variable expenses Morrisey & Brown, Limited Income Statement For the Month Ended September 30 Fixed expenses Required 2