2-a. Using the high-low method, separate each mixed expense into variable and fixed elements. 2-b. Using the high-low method, state the cost formula for each mixed expense. Smith \& Chief 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 four most recent quarters follow: (Note: SmIth \& Chief Ltd.'s Australlan-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 varlable, fixed, or mixed. 3. Redo the compony's income statement at the 7,040-unit level of activity using the contribution format. 4. Assume that the company's sales are projected to be 5,700 units in the next quarter. Prepsre contribution margin income statement