PROBLEM 2–18 Cost Behavior; High-Low Method; Contribution Format Income Statement [ LO 2–3 , LO 2–4 , LO 2–5 ] Frankel Ltd., a British merchandising company, is the exclusive distributor of a product...

PROBLEM 2–18 Cost Behavior; High-Low Method; Contribution Format Income Statement [ LO 2–3 , LO 2–4 , LO 2–5 ] Frankel Ltd., a British merchandising company, is the exclusive distributor of a product that is gaining rapid market acceptance. The company’s revenues and expenses (in British pounds) for the last three months are given below: