Equations 1. Calculate the food cost (cost of goods sold) from October 2022 - December 2022 given the following information: Inventory at the beginning of October: $250,000 Inventory purchased between October and December: $310,000 Inventory at the end of December: $140,000 Frost Family Restaurant BALANCE SHEET February 28, 2023 Current Assets Assets Liabilities and Owner's Equity Cash Current Liabilties in savings on hand and in checking Accounts payable $45,879 $21,650 Accrued expenses $18,490 $30,200 Accounts receivable Mortgage payable, current $32,000 $10,580 Marketable securities Inventory Total Current Liabilities $96,369 $60,430 $5,675 Prepaid expenses $0 Long-Term Liabiltiles Total Current Assets $128,535 Mortgage payable $540,320 Less current portion -$32,000 Fixed Assets Total Long-Term Liabilities $508,320 Land $256,755 Building $465,438 Equipment $53,928 Dishware $21,590 Owner's Equity Less depreciation -$12,860 Capital stock $291,035 Total Fixed Assets $784,851 Retained earnings $17,662 Total Owner's Equity $308,697 Other Assets $0 Total Assets $913,386 Total Liabilities & Owner's Equity $913,386 Income Food Beverage Frost Family Restaurant INCOME STATEMENT October 1, 2022-December 31, 2022 $765,492 $128,345 5893,837 Total Income Undistributed Operating Expenses Administrative and general $187,594 Marketing $59,384 Property operation and maintenance $93,850 Energy costs $83,928 $424.756 $469,081 Income Before Fixed Charges Fixed Charges Property taxes $128,493 Insurance Interest $24,869 $92,847 Depreciation $183,920 $430.129 Income Before Income Tax $38,952 Income tax $13.633 Net Income $25,319 6. Using prob 7