DELUXE LIMO SERVICE Value Income Statement For the Month Ending March 31 Nonvalue-added Activities Value-added Activities Total Sales revenue I 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) Check DeLuxe Limo Service has the following information for March. Sales revenue Variable costs of operations, excluding labor costs Employee wages and salaries Manager salaries Fixed cost of automobilesd Building costs (rent, utilities, etc.) $ 260,000 78,000 101,000 23,000 26,000 13,500 b d 5 percent of this cost was wasted due to poor directions given to limo drivers. 5 percent of this cost was for time spent by limo drivers because of poor directions. 10 percent of this cost was time taken to address customer complaints. The limos have 40 percent unused capacity The building has 10 percent unused capacity Required: 6. Using the traditional income statement format, prepare a value income statement. (Loss amounts should be indicated with a minus sign.) DELUXE LIMO SERVICE