Examining cost behaviour;high $-$ low analysis;contribution margin income statement.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:

Required $1)$ identify each of the compqnys expenses$($including cost of goods sold$)$ as being variable,fixed or mixed $2)$using the high $-$ low method,seperqte ech mixed expenses into variableand fixed elements.dtqte the cost formula for each mixed expense. $3)$Redo the compqnys income statement at the $5,000$ unit level of qctivity using the contribution format. $4)$ assume thwt the compqnys sales are projected to be $4,500$ inits in the next quarter.prepare a contribution margin income statement.