1. Complete the following Income Statement to include the percentages. Note: Total Sales is the base (100%)

Sales	$	$	%
Food Sales	$382,000
Beverage Sales	$300,000
Total Sales		$682,000
Cost of Sales
Cost of Food Sold	$187,000
Cost of Beverages Sold	$125,440
Total Cost of Sales		$312,440
Gross Margin		$369,560
Operating Expenses
Labour	$200,000
Rent	$80,000
Other	$27,400
Total Expenses		$307,400
Operating Income		$62,160