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 Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses: Morrisey & Brown, Limited Income Statements For the Three Months Ended September 30 Advertising expense Shipping expense. Salaries and commissions Insurance expense Depreciation expense Total selling and administrative expenses Net operating income. Required 11 July 9,000 $ 945,000 567,000 378,000 Required 2 30,800 130,000 165,000 10,950 17,300 354,050 $ 23,950 Required 3 August 9,500 $ 997,500 598,500 399,000 Complete this question by entering your answers in the tabs below. 30,800 136,000 173,000 10,950 17,300 368,058 $ 30,950 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. < Prev 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 Ya+bX. 3. Redo the company's income statement at the 10,000-unit level of activity using the contribution format. September 10,000 $ 1,050,000 630,000 420,000 10 of 10 30,800 142,000 181,000 10,950 17,300 382,050 $ 37,950 Next >