1. Complete the income statement for Ju Ju Fashion. (2pts) Ju Ju Fashion % Gross Sales 1% Customer Returns & Allowances $2,000,000 Net Sales Cost of Goods Sold 41% Gross Margin 14% Procurement Costs Adjusted Gross Margin Overhead/ Expenses 3% Operating Profit Other Income/ Expense Net Profit 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)