Answered Essay: Morrisey & Brown, Ltd., of Sydney is a merchandising company that is the sole distr

Morrisey & Brown, Ltd., of Sydney is a merchandising company that is the sole distributor of a product that is increasing in popularity among Australian consumers. The company’s income statements for the three most recent months follow:
Morrisey & Brown, Ltd.
Income Statements
For the Three Months Ended September 30
July August September
  Sales in units 4,000 4,500 5,000
  Sales $400,000 $450,000 $500,000
  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 21,000
       Shipping expense 34,000 36,000 38,000
       Salaries and commissions 78,000 84,000 90,000
       Insurance expense 6,000 6,000 6,000
       Depreciation expense 15,000 15,000 15,000
  Total selling and administrative expenses 154,000 162,000 170,000
  Net operating income $ 6,000 $ 18,000 $ 30,000


1. Identify each of the company’s expenses (including cost of goods sold) as either variable, fixed, or mixed.


2. Using the high-low method, separate each mixed expense into variable and fixed elements. State the cost formula for each mixed expense.


3. Redo the company’s income statement at the 5,000-unit level of activity using the contribution format.


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