Consider the following monthly income statement for the Double K Hotel. Double K Hotel Income Statement Rooms Food Gift Shop Total Revenue $500,000 $500,000 $2,000 $1,002,000 Cost of Sales 0 180,000 1,000 181,000 Labor Costs & Related Expenses 120,000 130,000 400 250,400 Other Direct Expenses 40,000 45,000 100 85,100 Departmental Income $340,000 $145,000 $500 $485,500 Undistributed Expenses: Payroll & Other Total Related Admin & General $60,000 $30,000 $90,000 Sales & Marketing 45,000 25,000 70,000 Property Operation & Maintenance and Utility Costs 30,000 40,000 70,000 Insurance 10,000 10,000 Depreciation 80,000 80,000 320,000 Income Before Taxes $165,000 Income Taxes 50,000 $115,500 Net Income Indirect expenses will be allocated based on the number of employees, who are distributed as follows: Department Number of Employees Rooms Food Gift Shop Administrative and General Marketing Property Operation & Maintenance and Utility Costs 55 70 20 15 10 Required: Prepare a fully allocated income statement using the single allocation basis approach to cost allocation. (Hints: The profit centers are Rooms, Food, and Gift Shop. Income Taxes come after the allocation.)