Question: Complete the following Income Statement to include the percentages. Note: Total Sales is the base (100%) Sales $ $ % Food Sales $485,100 Beverage Sales

  1. Complete the following Income Statement to include the percentages. Note: Total Sales is the base (100%)

Sales

$

$

%

Food Sales

$485,100

Beverage Sales

$396,900

Total Sales

$882,000

Cost of Sales

Cost of Food Sold

$184,338

Cost of Beverages Sold

$99,225

Total Cost of Sales

$283,563

Gross Margin

$598,437

Operating Expenses

Labour

$326,340

Rent

$120,000

Other fixed costs

$47,400

Total Expenses

$493,740

Operating Income

$104,697

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