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Group Problem 3 Contribution Margin Format Income Statement Morrisey & Brown Ltd, of Sydney, 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 three most recent months follow. Type July 4,000 Aug 4,500 Sept 5,000 Sales in units Sales Revenue Less Cost of Goods Sold Gross Margin $400,000 240,000 $450,000 270.000 $500,000 300,000 $160,000 $180,000 $200,000 Less Operating Expenses: Advertising expense $21,000 $21,000 $21,000 Shipping expense 34,000 36,000 38,000 Salaries and commissions Insurance expense 78,000 84,000 90,000 6,000 6,000 15,000 15,000 6,000 15,000 Depreciation expense Total Operating Expenses $154,000 $162,000 $170,000 Net Income $6,000 $18,000 $30,000 a. Identify each expense as fixed, mixed, or variable. b. Use the high-low method to estimate a cost formula for each mixed cost. C. Redo the company income statement at the 5,000 unit level using a contribution margin format