Below is a list of annual financial information for a hypothetical lemon juice start-up business. Advertising Administrative salaries and wages Bank charges Charitable contributions Depreciation expense Insurance Interest expense (loans, credit cards, etc.) Maintenance contracts Office supplies Payroll taxes City & state taxes Permits and licenses Postage and delivery expense Rent expense Repairs (office equipment, etc.) Utilities (electricity, water sewage) $3,000 $5,000 $200 $100 $650 $2,000 $250 $600 $310 $2,600 $200 $70 $300 $8,000 $500 $3,000 Answer all the questions below. Question 3a: Calculate the annual sales estimate based on the information above. Assume that the cost of goods sold (COGS) is 55% of the total annual sales volume of the business. Show your calculations below. Calculations: Annual sales estimate: Below is a list of annual financial information for a hypothetical lemon juice start-up business. Advertising Administrative salaries and wages Bank charges Charitable contributions Depreciation expense Insurance Interest expense (loans, credit cards, etc.) Maintenance contracts Office supplies Payroll taxes City & state taxes Permits and licenses Postage and delivery expense Rent expense Repairs (office equipment, etc.) Utilities (electricity, water sewage) $3,000 $5,000 $200 $100 $650 $2,000 $250 $600 $310 $2,600 $200 $70 $300 $8,000 $500 $3,000 Answer all the questions below. Question 3a: Calculate the annual sales estimate based on the information above. Assume that the cost of goods sold (COGS) is 55% of the total annual sales volume of the business. Show your calculations below. Calculations: Annual sales estimate