ring Enabled: Assignment 2 (i) Help Sove & Exit Submit Smith & Chief Ltd. of Sydney, Australla, 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 four most recent quarters follow: SMITH & CHIEF LTD. Income Statements For the Four Quarters Ending December 31 Sales in units Sales revenue Less: Cost of goods sold Gross margin Less: Operating expenses: Advertising expense Shipping expense Salaries and commissions Insurance expense Depreciation expense Total operating expenses Net income Quarter 1 Quarter 2 Quarter 3 Quarter 4 6,100 5,600 6,920 6,300 A $610,000 A $560,000 A$692,000 A$630,000 366,000 336,000 415,200 378,000 244,000 224,000 276,800 2