Question $2)(14$ marks $-15$ minutes$)$ABC Company Ltd$.$Comparative Income StatementsSales in unitsProduct SalesCost of Goods Sold ExpenseGross MarginSelling & Administrative ExpensesShippingAdvertisingSalaries & CommissionsInsuranceDepreciationTotalOperating Income $($Loss$)$JanFebMar$3,0003,7504,500420,000525,000630,000(168,000)210,000252,000252,000315,000378,00044,00050,00056,00070,00070,00070,000107,000125,000143,0009,0009,0009,00042,00042,00042,000272,000296,000320,000(20,000)19,00058,000$Required:$1).$ Identify each of the company's expenses $($including cost of goods sold$)$ as variable, fixed or mixed.$(4$ marks$)2).$ Using the high$-$low method separate each mixed expense into variable and fixed elements.$(5$ marks$)3).$ Redo the company's income statement at the $4,500$ unit level of activity using the Contribution Margin Format Income statement.$(5$ marks$)$