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Problem 2A-7 (Algo) Cost Behavior; High-Low Method; Contribution Format Income Statement (LO2-10) Morrisey & Brown, Ltd. of Sydney is a merchandising company 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. August 6,750 $ 700.750 425,250 283,500 September 7,250 $ 761,250 456,750 384,500 Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 July Sales in units 6,250 Sales $ 656,250 Cost of goods sold 393,750 Gross margin 262,500 Selling and administrative expenses: Advertising expense 36,600 Shipping expense 62,500 Salaries and commissions 115, eee Insurance expense 9.100 Depreciation expense 16,900 Total selling and administrative expenses 240, 100 Net operating income $ 22,400 36,600 66,300 121,900 9,100 16,900 250,880 $ 32,700 36,6ee 78,100 128,800 9. 160 16.900 261, see $ 43, eee Required: 1. By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions of each mixed expense in the form Y = a + bx 3. Redo the company's income statement at the 7.250-unit level of activity using the contribution format. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 By analyzing the data from the company's income statements, classify each of its expenses (including cost of goods sold) as either variable, fixed, or mixed. Classification Expenses Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense (Required Required 2 >