DeLuxe Limo Service has the following information for March. Sales revenue $255,000 Variable costs of operations, excluding labor costs 76,500 Employee wages and salariesb 100,500 Manager salaries 21,500 Fixed cost of automobilend 25,500 Building costs (rent, utilities, etc.) 13,000 a 2 percent of this cost was wasted due to poor directions given to limo drivers. b 15 percent of this cost was for time spent by limo drivers because of poor directions. C15 percent of this cost was time taken to address customer complaints. The limos have 35 percent unused capacity. eThe building has 15 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 Activities Value-added Activities Total Sales revenue Cost of services sold: Variable costs of operations, excluding labor costs Employee wages and salaries Fixed cost of automobiles 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 Activities Value-added Activities Total Sales revenue Cost of services sold: Variable costs of operations, excluding labor costs Employee wages and salaries Fixed cost of automobiles Gross margin (loss) Administrative expenses: Manager salaries Building costs Operating income (loss) b. What value would there be to the managers at DeLuxe from preparing the same information in April? O Preparing a April statement helps DeLuxe see whether he is improving in reducing nonvalue-added activities. Preparing a April statement helps DeLuxe see whether he is improving in reducing value-added activities