1. (4 Marks) Complete the following Income Statement to include the percentages. Note: Total Sales is the base (100%) Sales $ $ % Food Sales $885,100 Beverage Sales $596,900 Total Sales $1,482,000 Cost of Sales Cost of Food Sold $264,338 Cost of Beverages Sold $119,225 Total Cost of Sales $383,563 Gross Margin $1,098,437 Operating Expenses Labour $752,340 Rent $240,000 Other fixed costs $65,400 Total Expenses $1,057,740 Operating Income $40,697