won Status QUESTION 2 Question two (6 points) Morrisey & Brown, Lod., of Sydney is a merchandising company that is the sole distributor of a product that is increasing in popularity among Australian cemas. The company's income statements for the three most recent months follow: Morrisey & Brown, Lad Income Statements For the Three Months Ended September 30 July August September Sales in units 4,000 4,500 5,000 Sales 5400,000 S450,000 5500,000 Cost of goods sold 240,000 270,000 300,000 Gross margin 160,000 180,000 200,000 Selling and administrative expenses Advertising expense 21,000 21,000 21000 Shipping expense 36,000 38,000 42.000 Salaries and commissions 84,000 90,000 96,000 Insurance expense 6,000 6,000 6,000 Depreciation expense 15.000 15,000 15,000 Total selling and administrative expenses 162,000 170,000 180,000 Net operating income ($2,000) $10,000 $20,000 Required: 1. Identify each of the company's expenses (including cost of goods sold) as variable, fixed, or mixed 2. Using the high-low method, separate cach mixed expense into variable and fixed elements For the toolbar, press ALT+F10 (PC) or ALT+FNF10 (Mac). Igs Paragraph Arial !!! 11! A2 I. 14px V V