Morrisey \& Brown, Ltd., of Sydney. Australia, is a merchandising firm that is the sole distributor of a product that is increasing in popularity among Australlan consumers. The company's income statements for the three most recent months follow: (Note. Morrisey \& Brown, Ltd's Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by A$. .) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. 2-o. Using the high-low method, separate each mixed expense into variable and fixed elements. 2-b. Using the high-low method, state the cost formula for each mixed expense. 3. Redo the company's income statement at the 7.280-unit level of activity using the contribution format. 4. Assume that the company's sales are projected to be 5.450 units in the next quarter. Prepare a contribution margin income statement