DeLuxe Limo Service has the following Information for March Sales revenue $330,000 99,000 108,000 44,000 33,000 20,500 Variable costs of operations, exdluding labor costsa Employee wages and salaries Manager salaries Fixed cost of automobiles Building costs (ront, utilitios, eto.) a 5 percent of this cost was wasted due to poor directions given to limo drivers. b 5 percent of this cost was for time spent by limo drivers because of poor directions. c 10 percent of this cost was time taken to address customer complaints. d The limos have 40 percent unused capacity. e The building has 10 percent unused capacity. Required: a. Using the traditional income statement format, prepare a value income statement. (Loss amounts should be Indicated with a minus sign.) DELUXE LIMO SERVICE Value Income Statement For the Month Ending March 31 Nonvalue-added Value-added Activities Total Activitios Sales revenue Cost of services sold: Variable oosts of operations, excluding labor costs Employee wages and salaries Fixed cost of automobiles Gross margin (loss) Manager salaries Building costs Operating income (loss) b. What value would there be to the managers at DeLuxe from preparing the same information in Apri? Preparing a April statement helps Deluxe see whether he is improving in reducing nonvalue-added activities Preparing a April statement helpsDeLuxe see whether he is improving in reducing value-added activities