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

Answer rating: 100% (QA)

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