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 companv's income statements for the fnur moct rarant a... (Note: Smith \& Chief 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 gpods sold) as being variable, fixed, or mixed. 3. Redo the company'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 5,350 units in the next quarter. Prepare a contribution margin income statement