E11-30 (similar to) Question Help Lopez Lopez Corporation runs two convenience stores, one in Connecticut and one in Rhode Island. Operating income for each store in 2017 2017 is as follows: LOADING... (Click to view the operating income for the stores.) LOADING... (Click the icon to view the add-or-drop segments information.) Read the requirements LOADING... . Requirement 1. By closing down the Rhode Island store, Lopez Lopez can reduce overall corporate overhead costs by $ 49 comma 000 $49,000. Calculate Lopez Lopez's operating income if it closes the Rhode Island store. Is Maria Lopez's statement about the effect of closing the Rhode Island store correct? Explain. Begin by calculating Lopez Lopez's operating income if it closes the Rhode Island store. (Complete all answer boxes. Enter losses in revenues as a negative amount. Enter a "0" if the cost is not relevant. If the net effect is an operating loss enter the amount with parentheses or a minus sign.) (Loss in Revenues) Savings in Costs Revenues Operating costs Cost of goods sold Lease rent (renewable each year) Labor costs (paid on an hourly basis) Depreciation of equipment Utilities (electricity, heating) Corporate overhead Total operating costs Effect on operating income (loss) Enter any number in the edit fields and then click Check Answer. 3 parts remaining Clear All Check Answer Data Table Connecticut Store Rhode Island Store Revenues $ 1,070,000 $ 850,000 Operating costs Cost of goods sold 760,000 640,000 Lease rent (renewable each year) 90,000 72,000 Labor costs (paid on an hourly basis) 48,000 37,000 Depreciation of equipment 24,000 24,000 Utilities (electricity, heating) 44,000 43,000 Allocated corporate overhead 53,000 44,000 Total operating costs 1,019,000 860,000 Operating income (loss) $ 51,000 $ (10,000) PrintDone