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, nited Income Statements For the Three Months Ended September 30 Suly August September Sales in units 5,250 5,750 6,250 Sales 5.630,000 $ 690,000 5 750,000 Cost of goods sold 328.000 414,000 450,000 Gross margin 252,000 276,000 100,000 Selling and administrative expenses Advertising expense 30.600 30,000 30.000 Shipping expense 46.500 49,500 $2.500 Salaries and comissions 93,000 99,500 106,000 Insurance expense 10,200 10,200 10.200 Depreciation expense 21,300 21.100 21,300 Total wlling and adulnistrative expenses 201,600 211,100 220.00 Het operating Income $ 50,400 $ 64.900 5 29.400 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 fed portions of each mixed expense in the form YabX 3. Redo the company's income statement of the 6.250 unit level of activity using the contribution format 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 6,250-unit level of activity using the contribution format Complete this question by entering your answers in the tabs below. Required 1 Required? Required a 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 Classification Expenses Cost of goods sold Advertising expense Shipping expense Salanes and commissions Insurance expense Depreciation expense Required Required Required Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and forced portions of each mixed expense in the formwox. (Hound the variable cost per unit to 1 decimal place.) Variable cost per unit Fixed cost Formula Y per un Redo the company's income statement at the 6,250-unit level of activity using the contribution format. Morrisey & Brown, Limited Income Statement For the Month Ended September 30 Variable expenses Fixed expenses