plz solve the question 3 with explanation. I will give you upvote 1. Using high low method, separate each mixed expenses intovariable and fixed elements.2. high low method, state cost formula for each mixedexpenses.3. company Income statementMorrisey&Brown, Ltd, of Sydney, Australia, is a merchandising firm that is the sole distributor of a product that is increasing inpopularity among Australian consumers. The company's income statements for the three most recent months followHORRISEY&BROMN, LTD.Income StatementsFor the Four Quarters Ending Decenber 31Quarter 1 Quarter 2 Quarter 3 Quarter 4Sales in units4,7004,2005,2404,800Sales revenueLess: Cost of goods soldGross marginLess: Operating expenses:Advertising expenseShipping expenseSalaries and commissionsInsurance expenseDepreciation expenseTotal operating expensesA$470,000 A$420,800 A$524,000 A$480,000314,400209,680282,000188,000252,000288,000192,000168,00021,20034,80079,2006,20015,200156,60021,28036, 80078,4006,20015,200157,80021, 20040,96090,8806,20015,200174,44021,20036,76086,1606,20015, 200165,520esNet incomeAS 31,480 AS 10,200 AS 35,169 AS 26,480(Note: Morrisey & Brown, Ltd's Australian-formatted income statement has been recast into the format common in Canada. TheAustralian dollar is denoted by AS.)

I am answering question number 3 as asked by the skip. The income statement represents the net…

HORRISEY&BROMN, LTD. Income Statements For the Four Quarters Ending Decemnber 31 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Sales in units 4,700 4, 200 5,240 4,800 Sales revenue A$470, 000 A$420,880 A$524,000 A$480,000 252,880 314,480 168,000 209,680 Less: Cost of goods sold 282,888 188, 000 288,000 192,000 Gross margin Less: Operating expenses: Advertising expense Shipping expense Salaries and comissions Insurance expense Depreciation expense Total operating expenses 21, 200 34, 800 79,200 6, 200 15, 200 156,600 21,280 36, 800 78,480 6,280 15,200 157,800 21,280 40,960 90,880 6,200 15,200 21,200 36,760 86,160 6,200 15,200 165,520 174,440

HORRISEY&BROMN, LTD. Income Statements For the Four Quarters Ending Decemnber 31 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Sales in units 4,700 4, 200 5,240 4,800 Sales revenue A$470, 000 A$420,880 A$524,000 A$480,000 252,880 314,480 168,000 209,680 Less: Cost of goods sold 282,888 188, 000 288,000 192,000 Gross margin Less: Operating expenses: Advertising expense Shipping expense Salaries and comissions Insurance expense Depreciation expense Total operating expenses 21, 200 34, 800 79,200 6, 200 15, 200 156,600 21,280 36, 800 78,480 6,280 15,200 157,800 21,280 40,960 90,880 6,200 15,200 21,200 36,760 86,160 6,200 15,200 165,520 174,440

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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