Barbara Collins is ti year's budget. She wa Problem 12 Collins is the manager of Shives, a fine dining restaurant, and is preparing next det. She wants to examine three different levels of sales as follows: $700,000/ 0.000, and $1,300,000. The following information upon which to make the calculations is provided. Food cost percentage: 45 percent Labor: Variable: 23 percent Fixed: $80,000 Other operating expenses: 8 percent Fixed charges: $100,000 Income taxes: 30 percent of pretax income Required: Prepare the condensed operating budget for Shives at the three levels of sales ind: cated above. 2. Comment briefly about the impact of different levels of sales on the restaurant's profits