Proctoring Enabled: Assignment 2 (i 02:20:33 eBook 2-a. Using the high-low method, separate each mixed expense into variable and fixed elements. Variable Cost Fixed Cost AS per unit AS AS per unit AS per unit ASProctoring Enabled: Assignment 2 Saved 02-20:24 eBook 2-b. Using the high-low method, state the cost formula for each mixed expense. Y= A$ + AS X Y= A$ + AS X Y= A$ + A$ Xctoring Enabled: Assignment 2 (i 3. Redo the company's income statement at the 6,080-unit level of activity using the contribution format. MORRISEY & BROWN, LTD. 02:20:09 Contribution Margin Income Statement For the Quarter Ended September 30 Sales in units Book A$ Less: Variable expenses: A$ Less: Fixed expenses ASing Enabled: Assignment 2 i Saved Help Save & 4. Assume that the company's sales are projected to be 4,950 units in the next quarter. Prepare a contribution margin income statement. MORRISEY & BROWN, LTD. Contribution Margin Projected Income Statement For the Quarter Ended March 31 D:00 Sales in units A$ Less: Variable expenses: A$ Less: Fixed expenses: ASProctoring Enabled: Assignment 2 i Saved Help Save Morrisey & Brown, 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 three most recent months follow: MORRISEY & BROWN, LTD. Income Statements For the Four Quarters Ending December 31 Quarter 1 Quarter 2 Quarter 3 Quarter 4 X 02:20:52 Sales in units 5 , 400 4, 900 6,080 5, 500 Sales revenue A$540, 000 A$490, 000 A$608 , 000 A$550, 000 Less: Cost of goods sold 324, 000 294, 000 364, 800 330,000 eBook Gross margin 216, 060 196,000 243, 200 220, 000 Less : Operating expenses : Advertising expense 21, 900 21, 900 21 , 900 21, 900 Shipping expense 37, 600 39, 600 44, 320 39, 420 Salaries and commissions 83, 400 79, 800 93 , 960 90, 220 Insurance expense 6, 900 6,900 6 ,900 6, 900 Depreciation expense 15 , 900 15,900 15,900 15 ,900 Total operating expenses 165 , 700 164, 100 182, 980 174, 340 Net income A$ 50, 300 A$ 31,900 A$ 60, 220 A$ 45, 660 (Note: Morrisey & Brown, 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 goods sold) as being variable, fixed, or mixed. Expenses Classification Cost of goods sold Advertising expense Shipping expense Salaries and commissions Insurance expense Mc Prey 1 of 10 Next >