Morrisey & Brown, Ltd. Income Statements For the Three Months Ended September 30 July Sales in units 7,500 Sales $ 712,500 Cost of goods sold 427,500 Gross margin 285,000 Selling and administrative expenses: Advertising expense 39,600 Shipping expense 81,000 Salaries and commissions 135,000 Insurance expense 6,100 Depreciation expense 19,300 Total selling and administrative expenses 281,000 Net operating income 4,000 August 8,000 $ 760,000 456,000 304,000 September 8,500 $ 8.500 484,500 323,000 39,600 85,800 142,400 6,100 19,300 293,200 $ 10,800 39,600 90,600 149,800 6,190 19,300 305,400 $ 17,600 Required: 1. By analyzing the data from the company's Income statements, classify each of its expenses (including cost of goods sold) variable, fixed, or mixed. 2. Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixes of each mixed expense in the form Y = a + bx Complete this question by entering your answers in the tabs below. Required: Required 2 Using the high-low method, separate each mixed expense into variable and fixed elements. Express the variable and fixed portions the form Y = a + bx. (Round the Variable cost per unit to 1 decimal place.) Variable Cont Fixed Cost Formula Shipping experise per und Y Slanes and commissions expense per unit X