3. Using the Bottoms up Approach to Pricing, determine the minimum sales revenue required for the first year the business will be open. Estimates and Projections for Second Location Desired Net Income for Ist Year from Second Location = $85,000 Income Tax Rate = 24% Annual Rent (Occupancy Cost) = $60,000 Insurance and Licenses Expense= $6,000 Utilities Expense = $5,000 Repairs and Maintenance= $4,500 Administrative and General Expense = $13,500 Management Salaries = $150,000 Operating Supplies Expense = $20,000 Depreciation = $1 1,000 Advertising and Promotion Expense= $5,000 Interest Expense = $4,000 Variable Cost % Projections include: Food & Beverage COS at 32.5% and Labor at 34.5%. Include Other Variable Cost of 2.5%. Employee benefits are included in the estimates. Seats = 100 Projected Business = 60% Dinner and 40% Lunch, Food Sales = 80% and Beverage Sales =20% Projected Seat Turns = 1.6 for Dinner and 1.1 for Lunch Open 6 days a Week. Closed 5 additional days per year