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1. (4 Marks) Complete the following Income Statement to include the percentages. Note: Total Sales is the base (100%) Sales 5 $ Food Sales $443,520 Beverage Sales Total Sales $792,000 Cost of Sales Cost of Food Sold Cost of Beverages Sold Total Cost of Sales $259,776 Gross Margin $532,224 Operating Expenses Labour $289,340 Rent $120,000 Other fixed costs 557,400 $466,740 Operating Income 565,484 2. (13 Marks) a) Using the previous Income Statement as a guide, complete the income statement on the following page assuming that total sales revenue will increase. The percentage increase will be based on the first 3 numbers of your student number. For example, if your student number is 199 201 200, the percentage increase will be 19.9%. So based on that increase your new sales revenue would increase by $792,000 x 0.199 = $157,608. This means in this example Sales would be $792,000+5157,608 = $949,608. This would be set at 100% in the new income statement. Food sales and Beverage sales would increase in terms of dollars but remain at the same percentage of total sales. Cost of food and cost of beverages sold percentages will remain the same. The percentages will remain the same, but the dollar amounts will increase since sales would have increased. Fixed costs will remain the same. Payroll or Labour costs are considered variable, meaning they are based on total sales. Apply the labour cost percentage you calculated in question 1, to the total Sales in question 2 to calculate Total Labour expenses