Following information provided for the year ended on 31 December 2019 for STEPHANS CATERING INC. (SCI) a well-known catering business in K-W area. You are required to prepare Income Statement and various calculation as directed. 1 Calculate the Sales for the Year if sales are an average $93,333.34 per month (round to the nearest dollar) 2 Calculate the $ Cost of Food Sold (COFS) based on the following information: Opening Inventory $75000 Purchases $320,000 Closing inventory $ 60,000 3 Calculate the Food Cost % 4 Calculate the Gross Profit Margin in $dollars and a % percentage 5 Calculate the Salary and Wage expense if it represents 30% of sales 6 Benefits are 14% of salary and wages costs 7 Calculate the annual Supply costs (yearly) if Stephan uses $1,500 of supplies per month 8 Calculate the annual Rent (yearly) expense if rent is $10,000 per month 9 Calculate the depreciation @ 20% on vehicles and book value of vehicles are $40,000 10 Calculate the depreciation @ 10% on Furniture and its book value is $36000 11 Calculate the annual Advertising costs(yearly) if Stephan spends $6,000 per month 12 Calculate China and linen rentals $3,750 monthly 13 Calculate the annual Utility costs (yearly) if Stephan spends $2,500 per month 14 Calculate interest cost @5% on VMO Bank loan $120,000 15 Calculate Total Expenses in both Dollars and a % of Sales 16 Calculate the total fixed cost and variable cost in $ and in % as total cost (consider payroll cost as fixed cost) 17 Calculate overhead cost % and $ value 18 Calculate controllable costs and Occupancy costs 19 Calculate the Net Income Before Taxes in both Dollars and a % of Sales 20 Calculate the break-even point in $dollars 21 Calculate contribution margin (CM) ratio and contribution margin (CM) $ 22 Calculate break even sales value if company wants to have target profit of $120,000 23 Calculate breakeven sales value if food cost value increased to 35%, all other things remain constant