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 Sales Cost of goods sold Gross margin Selling and administrative expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income Required: July 4,500 August 5,000 September 5,500 $ 495,000 297,000 $ 550,000 330,000 $ 605,000 363,000 198,000 220,000 242,000 30,600 30,600 30,600 35,000 37,400 39,800 80,000 86,200 92,400 9,958 9,950 9,950 21,800 21,800 21,800 177,350 185,950 194,558 $ 20,650 $ 34,050 $ 47,450 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 5,500-unit level of activity using the contribution format Complete this question by entering your answers in the tabs below. Required 11 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. 4 Next >