References Mailings Review View Tell me what you want to do Help 2 Shellac Ltd. manufactures a single product. It has a September 30 year end, and is updating its planning information for 2022, as sales volume in 2021 was higher than expected The income statements for the two most recent years is presented below: Shellac Ltd Income Statement For the year ended September 2020 2021 Units sold 5,000 6,200 625,000 290,000 335.000 775,000 339.200 435,800 I Sales revenue Cost of goods sold Gross margin Operating expenses Office and administration Salaries and benefits Sales commissions Rent Total Operating income 51,000 160,000 31,250 60,000 302,250 32,750 54,600 160,000 38,750 60.000 313,350 122.450 4 4 Required: a) Indicate whether each of the 5 expenses on the income statement are fixed, variable, or mixed costs b) For each mixed cost, calculate the fixed and variable component Using the high-low method c) Prepare an income statement for 2022 using the cost information you have just determined Use a sales volume of your choice, as long as it is not 5,000, 6,200 or 7,400 units. What assumption about the relevant range is implied in this process? 10 OBI hp)