Morrisey & Brown, Ltd., 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. September 5,000 $500,000 300,000 200,000 Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 July August Sales in units 4,000 4,500 Sales $400,000 $450,000 Cost of goods sold 240,000 270,000 Gross margin 160,000 180,000 Selling and administrative expenses: Advertising expense 21,000 21,000 34,000 36,000 Shipping expense 78,000 84,000 Salaries and commissions 6,000 6,000 Insurance expense 15,000 15,000 Depreciation expense Total selling and administrative 154,000 162,000 expenses $ 6,000 $ 18,000 Net operating income 21,000 38,000 90,000 6,000 15,000 170,000 $30,000 10 including cost of noods sold as either Check my wa Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either wariable, fixed, or mixed. 2. 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 form Y = a +bX 3. Redo the company's income statement at the 5,000 unit level of activity using the contribution format Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Redo the company's income statement at the 5,000-unit level of activity using the contribution format. Morrisey & Brown, Ltd. Income Statement For the Month Ended September 30 Sales Variable expenses: Cost of goods sold $ 500,000 Required 1 Required 2 Required 3 Redo the company's income statement at the 5,000-unit level of activity using the contribution format. Morrisey & Brown, Ltd. Income Statement For the Month Ended September 30 Sales Variable expenses Cost of goods sold $ 500,000 Salaries and commissions expense 500.000 Fored expenses Morrisey & Brown, Ltd., 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. September 5,000 $500,000 300,000 200,000 Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 July August Sales in units 4,000 4,500 Sales $400,000 $450,000 Cost of goods sold 240,000 270,000 Gross margin 160,000 180,000 Selling and administrative expenses: Advertising expense 21,000 21,000 34,000 36,000 Shipping expense 78,000 84,000 Salaries and commissions 6,000 6,000 Insurance expense 15,000 15,000 Depreciation expense Total selling and administrative 154,000 162,000 expenses $ 6,000 $ 18,000 Net operating income 21,000 38,000 90,000 6,000 15,000 170,000 $30,000 10 including cost of noods sold as either Check my wa Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either wariable, fixed, or mixed. 2. 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 form Y = a +bX 3. Redo the company's income statement at the 5,000 unit level of activity using the contribution format Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Redo the company's income statement at the 5,000-unit level of activity using the contribution format. Morrisey & Brown, Ltd. Income Statement For the Month Ended September 30 Sales Variable expenses: Cost of goods sold $ 500,000 Required 1 Required 2 Required 3 Redo the company's income statement at the 5,000-unit level of activity using the contribution format. Morrisey & Brown, Ltd. Income Statement For the Month Ended September 30 Sales Variable expenses Cost of goods sold $ 500,000 Salaries and commissions expense 500.000 Fored expenses