Morrisey & Brown, Ltd, of Sydney, Australia, is a merchandising firm 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 revenue Less: Cost of goods sold Gross margin Less: Operating expenses: PORRTSEY & BROWN, LTD. For the Four Quarters Ending December 31 Quarter 1 Quarter 2 6,000 5,500 A$600,000 A$550,000 160,000 110,000 220,000 Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total operating expenses Net Income Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense (Note: Morrisey & Brown, Ltd's Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by A$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Quarter 3 6,100 6,800 A$680,000 A1610,000 408,000 272,000 22,500 22,500 22,500 40,000 42,000 47,200 87,000 81,000 96,600 7,500 7,500 7,500 16,500 16,500 16,500 1/1,500 169,500 190, 100 A$ 66,500 A$ 50,500 A$ 81,700 Classification Variable Fixed 244,000 22,500 41,700 91,700 7,500 16,500 101,900 A$ 62,100