Morrisey & Brown, Ltd., of Sydney is a merchandising company 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 Morrisey & Brown, Ltd Income Statements For the Three Months Ended September 38 July August September 6,588 5,588 Sales in units Sales Cost of goods sold Gross margin Selling and administrative expenses 6 , 577,588 346,5e0 231.988 63e,8ee 378,880 252,8e8 S682,588 489,5e8 273,808 Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense 24,28e 57,888 184,880 9,280 19,688 214,88e $ 17,8e0 24,28e 68,288 11e,680 9,280 19,688 223,80e 28,288 24,280 63,408 117,28e 9,288 19,688 233.688 39,488 Total selling and administrative expenses Net operating income Requlrec 1. By analyzing the data from the company's Income statements, classify each of its expenses (including cost of goods sold) as elther variable, fixed, or mixed. 2 Using the high-low method, separate each mlxed expense Into varlable 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 6,500-unit level of activity using the contribution format. Complete this question by entering your answers in the tabs below Required 1Required 2Required 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 Expenses Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Required 1 Required 2 Required 3 Using the high-loww 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. (Round the Variable cost per unit to 1 decimal place.) Variable CostFixed Cost Formula per unit per unit Required 1 Required 3> Required 1Required 2Required 3 Redo the company's income statement at the 6,500-unit level of activity using the contribution format. Morrisey & Brown, Ltd Income Statement For the Month Ended September 30 Variable expenses Fixed expenses: Required 2 Required3 2