1. Complete the income statement for Ju Ju Fashion. {2pts} Ju Ju Fashion $ % Gross Sales 1% Customer Returns 81 Allowances N of: Sales 52,000,000 Cost of Goods Sold 41 Gross Margin % 14 Procurement Costs % Adjusted Gross Margin Overhead] Expenses 3% Operating Prot Other Income] Expense Net Prot Before Taxes 2. Ju Ju Fashion was able to reduce overhead expenses by 5%, how would gross margin be affected? How would operating profit be affected? Why? (3.5pts) 3. If Ju Ju Fashion was forced to increase the cost of goods sold by 3%, how would gross margin be affected? How would operating prot be affected? Why? (3.5pts) For Exercise 1. #2 and 3, use below spreadsheet. J\" J" \"Shh" Reduced overhead/expenses by 5% Gross Sales Customer Returns 81 Allowances Net Sales Increase cost of goods by 3% S 96 Cost of Goods Sold Gross Margin Procurement Costs Adjusted Gross Margin Overhead] Expenses Operating Prot Other Income! Expense Net Prot Before Taxes