question 8 : Use the figures given below to complete the Statement of Income for the Sunshine Restaurant (use the Excel worksheet provided separately and copy/paste your answer below if you would like or calculate using the worksheet below. Also, in the Assignment 1 folder, there is Assignment 1-question-8-income-statement-samples to help you with entering the values.

Figures to use:

Food Sales $375,000

Salaries and Wages $130,000

Employee benefits $20,000

Beverage Sales $125,000

Other Controllable Expenses $60,000

Beverage Cost $30,000

Food Cost $127,500

Occupancy Costs $55,000

Depreciation Expense $15,000

Interest expense $10,000

Income Statement Worksheet:

The Sunshine Restaurant Income Statement

For the year ended December 31, 19XX

SALES

Food $

Beverage $

Total Sales $________

COST OF SALES

Food $

Beverages $

Total Cost of Sales $

GROSS PROFIT $_________

CONTROLLABLE EXPENSES

Salaries and Wages $

Employee benefits $

Other controllable expenses $

Total Controllable Expenses $

INCOME BEFORE OCCUPANCY COSTS,

INTEREST, DEPRECIATION, AND INCOME TAXES $________

Occupancy costs $

Depreciation $

Interest $

RESTAURANT PROFIT $_________

9. Based on the information from question 8, calculate (with full calculation shown):

a. food cost percent:

b. labor cost percent:

c. beverage cost percent:

d. percentage of profit before income taxes:

10. After you find out the restaurant profit in question 8, please explain how cost control helps to ensure that the restaurant stays profitable? (Just a couple of sentences will be enough to answer.)