PROBLEM $6-4$ Examining Cost Behaviour; High$-$Low Analysis; Contribution Margin Income Statement $[$LO$1-$ CC$1,3,6$; LO$2-$ CC$9$; LO$3-$ CC$12]$ CHECK FIGURE Morrisey $\backslash$& Brown, L$.$d$..,$ of Sydney. Australia, is a merchandising firm that is the sole distributor of a prod$-(2)$ Shipping: AS$18,000$ uct that is increasing in popularity among Australian consumers. The company's income statements for the three most recent months follow: per month plus As$4$ per unit $($Note: Morriscy $\backslash$& Brown, Ltd$.\text{'}$s Australian$-$formutied income statement hus been recast into the format common in Canada. The Australian dollar is denoted by AS$.)$ Required: $1.$ Identify each of the company's expenses $($including cost of goods sold$)$ as being variable, fixed, or mixed. $2.$ Using the high$-$low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense. $3.$ Redo the company's income statement at the $5,000-$unit level of activity using the contribution format. $4.$ Assume that the company's sales are projected to be $4,500$ units in the next quarter. Prepare a contribution margin income statement.