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3. Award: 10.00 points Problem 6-4 Examining Cost Behaviour; High-Low Analysis; Contribution Margin Income Statement (LO1 - CC1, 3, 6; LO2 - CC9; LO3 - CC12) Morrisey & Brown, Lid., 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. MORRISEY & BROWN, LTD arters Ending Dec Quarter Quarter 3 Quarter 4 Sales in units 5,400 6,080 AS 540,000 A$ 490,000 AS 608,000 Less: Cost of goods sold 324.D00 Gross margin 216.000 196,000 243,200 220.000 Level operating expense Shipping expense 21,900 21,800 21,900 Salaries and commissions 89, 400 Insurance expense Total operating expenses Net income AS 50.300 A$ 31.900 AS 60.220 AS 45,660 Note: Morrisey & Brown, Lid.'s Australian-formatted income statement has been recast into the format common in Canada. The Australian dollar is denoted by AS.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as bei Expense Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense 2-8. Using the high-low method, separate each mixed expense into variable and fixed elements. Variable Cost shipping expense per unit Iwed Cost Salaries and commissions expense per un per unit 2-b. Using the high-low method, state the cost formula for each mixed expense. 2/4 YAS A$ x x x Y- AS -AS Y. AS 1- AS 3. Redo the company's income stater ment at the 6,080-unit level of activity using the contribution format. MORRISEY & BROWN, LTD. Contribution Margin Income Statement For the Quarter Ended September 30 Sales in units Sales revenue AS Less: Variable expense Cost of goods sold Shipping expense Salaries and commissions expense Less: Fixed expenses: 4. Assume that the company's sales are projected to be 4,950 units in the next quarter. Prepare a contribution margin income statement. MORRISEY & BROWN, LTD. Contribution Margin Projected Income Statement For the Quarter Ended March 31 3/4 Sales in units AS Less: Variable expenses: Less: Fixed expenses