Cheap as Chips Income Statement for the year ending 30/6/2020 for the year 2020-2021 The following information that relates to Cheap as Chips is extracted on 30 June 2021: Cheap as Chips Budgeted Income Statement Cheap as Chips Income Statement for the year ending 30/6/2021 INCOME: INCOME: INCOME: Sales Sales Sales 180,000 216,000 211,680 Revenue Revenue Revenue Less: COGS 100,000 Less: COGS 106,000 Less: COGS 107,000 Gross Profit 80,000 Gross Profit 110,000 Gross Profit 104,680 Expenses: Expenses: Expenses: Rent Rent 38,000 38,000 Rent Expense 38,000 Expense Expense Wages Wages Wages 22,000 24,000 34,000 Expense Expense Expense Total Total Total 60,000 62,000 72,000 Expenses Expenses Net Profit 48,000 Expenses Net Profit 32,680 20,000 Net Profit Required: Answer the following questions in the spaces provided. Round all answers to 2 decimal places. Do not use comma separators. For percentages, Do not include the % symbol. For example, if your answer is 0.2568, 0.26 would be the correctly formatted answer. For any negative amounts, include - before the number. Do not add a space between the '-' and the number. For example, if your answer is negative 20, -20.00 would be the correctly formatted answer. The % that the COGS increased, based on the previous year is The % change in Sales Revenue compared to the previous year is The % change in Sales Revenue compared to the budget is The % change in Total Expenses compared to the previous year is The % change in Total Expenses compared to the budget is % (Round your answer to 2 decimal places.) (1 mark) % (Rounded to 2 decimal places.) (1 mark). % (Rounded to 2 decimal places.) (1 mark). % (Rounded to 2 decimal places.) (1 mark). % (Rounded to 2 decimal places.) (1 mark). Based on the above information, it can be determined that Cheap as Chips From the information it is evident that Cheap as Chips needs to better manage achieve the budgeted sales. (1 mark). (1 mark).