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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.) $ 250,000 75,000 100,000 20,000 25,000 12,500 b 85 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 d The limos have 40 percent unused capacity The building has 10 percent unused capacity Required: a. Using the traditional income statement format, prepare a value income statement. (Loss amounts should be indicated with a minus sign.) Answer is complete but not entirely correct. DELUXE LIMO SERVICE Value Income Statement For the Month Ending March 31 Nonvalue- Value added added Activities Activities Total Required: a. Using the traditional income statement format, prepare a value income statement. (Loss amounts should be indicated with a minus sign.) . Answer is complete but not entirely correct. DELUXE LIMO SERVICE Value Income Statement For the Month Ending March 31 Nonvalue Value added added Total Activities Activities Sales revenue $ 250,000 $250,000 Cost of services sold: Variable costs of operations, excluding labor costs $ 3,750 71,250 75,000 Employee wages and salaries 5,000 95,000 100,000 Fixed cost of automobiles 10,000 15,000 25,000 Gross margin (los) O $ os 0 Administrative expenses Manager salaries 0 20,000 20.000 Building costs 1.250 11.250 12.500 0 $ 05 0 Operating income (s) 5