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g Enabled: Assignment 2 Saved 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 31 Sales in units Quarter 1 Quarter 2 6,000 5,500 A$600,000 A$550,000 360,000 330,000 Quarter 3 6,800 A$680,000 408,000 Quarter 4 6,100 A$610,000 366,000 Sales revenue Less: Cost of goods sold Gross margin 240,000 220,000 272,000 244,000 Less: Operating expenses: 22,500 22,500 Advertising expense Shipping expense 22,500 22,500 40,000 42,000 47,200 41,700 87,000 81,000 96,600 93,700 Salaries and commissions Insurance expense 7,500 7,500 7,500 7,500 Depreciation expense 16,500 16,500 16,500 16,500 Total operating expenses 173,500 169,500 190,300 181,900 Net income AS 66,500 A$ 50,500 AS 81,700 AS 62,100 (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$.) Required: 1. Identify each of the company's expenses (including cost of goods sold) as being variable, fixed, or mixed. Expenses Classification Help Collapse 01:55:41 2-a. Using the high-low method, separate each mixed expense into variable and fixed elements Variable Cost Fixed Cost Shipping expense AS A$ 2 perunt Salaries and commissions expense AS o per unit per unit AS 2-b. Using the high-low method, state the cost formula for each mixed expense. Shipping expense YAS 94,400-AS Salaries and commissions expense Y= A$ 0 AS 0 Y=AS AS 222 AS 94,400 0 Book 3. Redo the company's income statement at the 6,800-unit level of activity using the contribution format. MORRISEY & BROWN, LTD. Contribution Margin Income Statement For the Quarter Ended September 30 Sales in units 47,200 Sales revenue Less: Variable expenses: AS 0 0 Less Fixed expenses: A$ A$ 0 eBook 4. Assume that the company's sales are projected to be 5,250 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 Sales in units AS Lass: Variable expenses: A$ Less: Fixed expenses A$ 0 0 0 0