Fixed costs $70,000 a. What is the current wear's budgeted profit (los) b. Develop next year's budget: indicate the pronto Problem 3 for 20x1 is as % of Revenue 31 42,000 for the Hilotown Restaurant for 20% Assume the approved food operations budget for the follows: 100 1,400,000 Food revenue 434,000 Food cost 364,000 Payroll Payroll taxes/benefits 112,000 Direct operating expenses 14,000 Entertainment 42,000 Advertising 70,000 Utilities 56,000 Administrative/general 14,000 Repairs/maintenance 70,000 Rent 28,000 Real estate/property taxes 14,000 Insurance Interest expense 42,000 Depreciation 28,000 Income (profit) before taxes 70,000 HOTINW-NU AUW - Cowa Unforeseen problems beyond the control of the owner (ongoing terrorism alerts that have significantly reduced the tourist travel on which the restaurant relies) have caused a substantial reduction in revenue. In June (the restaurant operates on a calendar year [January-December) budget), the owner reforecasted revenues down to $1,100,000. a. What will be the fixed costs under the new budget