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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: MORRISEY & BROWN, LTD. Income Statements For the Four Quarters Ending December 31 Quarter 1 Quarter 2 :23 Sales in units Quarter 3 6,200 Quarter 4 5,600 A$560,000 336,000 5,500 5,000 A$550,000 A$500,000 A$620,000 Sales revenue Less: Cost of goods sold 330,000 300,000 372,000 Gross margin 220,000 200,000 248,000 224,000 Less: Operating expenses: Advertising expense 22,000 22,000 22,000 22,000 Shipping expense 38,000 40,000 44,800 39,800 Salaries and commissions 84,000 80,000 94,400 90,800 Insurance expense 7,000 7,000 7,000 7,000 16,000 16,000 16,000 Depreciation expense 16,000 167,000 165,000 184,200 175,600 Total operating expenses A$ 53,000 A$ 35,000 A$ 63,800 A$ 48,400 Net income (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$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Expenses cold Classification Variable Net income 167,000 165,000 184, 200 A$ 53,000 A$ 35,000 A$ 63,800 1:00 175,609 A$ 48,499 (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$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed Expenses Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Variable Fixed Mixed Mixed Mixed Fixed :43 2-b. Using the high-low method, state the cost formula for each mixed expense. Shipping expense 40,000+ AS X Y= A$ Y= A$ +AS X Y= A$ + AS X MORRISEY & BROWN, LTD. Contribution Margin Income Statement For the Quarter Ended September 30 A$ Sales in units Sales revenue Less: Variable expenses: Cost of goods sold Shipping expense Salaries and commissions expense Advertising expense Contribution margin Less: Fixed expenses: Cost of goods sold Advertising expense Insurance expense Insurance expense Depreciation expense Net income A$ AS 6,000 620,000: 0 620,000 0 620,000 Save & Exit Submit