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Cost Behaviour: High-Low Me Statement [L01, LO2, 103] haviour; High-Low Method; Contribution Format Income Fishing in the Sea is a merchandisi he Sea is a merchandising company that sells one kind of fishing net. Results for the most recent three months are shown below. Fishing net sales in units July 4,000 August 4,500 $450,000 270,000 September 5,000 $500,000 $400,000 240,000 300,000 160,000 180,000 200,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Advertising expense Shipping expense Salaries and commissions 21,000 21,000 21,000 34,000 36,000 38,000 78,000 84,000 90,000 Insurance expense 6,000 15,000 Depreciation expense Total selling and administrative 6,000 15,000 162.000 6,000 15,000 170,000 $ 30,000 154.000 Operating income $ 6,000 $ 18,000 Required: .. Identify each of the company's expenses (including cost of goods sold) as either variable, fixed, or mixed. . Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense. Redo the company's income statement for September using the contribution forma