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The revenue forecast for 2019 is based on the sale of 1,800 bulk units of Chocolate at a cost of $300 per bulk package. During its second year of business, the corporation decided to increase the selling price by $125 to reflect the expansion of its 3 operations. As a result, the new selling price has been set at $425. When compared to sales in 2019, the quantity of bulk packages sold has increased by 200 units. During the same year, the business also sold waste from the production process for $20,000. COGS No inventory is held in the first year of business because there is no initial inventory. During the course of 2019, the following expenses will be incurred: oDirect materials were used for $90,000 in total. oThe amount of direct labor incurred is $75,000 oVariable overhead is $15,000 per year. oThe fixed overhead is $20,000 per year. Chocolate's goods inventory was valued at $60,000 at the end of the fiscal year. As a result, COGS for 2019 is $140,000. Healthy & Sweet Chocolate has a starting inventory of $60,000 in January 2020. Increases in direct materials, direct labor, and variable overhead. The fixed overhead remained at $20,000 per year. Ending inventory is $30,000 at the end of the year. In year two, the cost of goods sold is $280,000. As for 4 operating costs, we appointed managers to administer needed help in 2020. Straight-line depreciation is used to reflect the expense for one delivery truck. In year two, the business increased the cost and usable life of their delivery truck. In 2020, advertisements worth $30,000 are paid for on television. Commissions are paid at 7.5 percent of sales in 2019. Chocolates lowered their commission expense to $15,000 in 2020. The 2019 payroll tax is $3,000. It was raised to $10,000 in the second year. Other running expenses have remained constant at $25,000 for the past two years.

2020 850,000 280,000 570,000 20,000 Profit and Loss Statement 2019 Sales 540,000 Cost of goods sold 140,000 Gross profit 400,000 Other operating income Operating expenses Salaries and wages 45,000 Depreciation expense 1,000 Advertisement Commission expense 40,500 Payroll taxes 3,000 Other operating expenses 25,000 114,500 Total operating income 285,500 Non-operating income Revenue from interest 15,000 Interest expense 2,500 12,500 Net income 298,000 70,000 2,000 30,000 15,000 10,000 25,000 152,000 438,000 50,000 15,000 35,000 473,000 2020 850,000 280,000 570,000 20,000 Profit and Loss Statement 2019 Sales 540,000 Cost of goods sold 140,000 Gross profit 400,000 Other operating income Operating expenses Salaries and wages 45,000 Depreciation expense 1,000 Advertisement Commission expense 40,500 Payroll taxes 3,000 Other operating expenses 25,000 114,500 Total operating income 285,500 Non-operating income Revenue from interest 15,000 Interest expense 2,500 12,500 Net income 298,000 70,000 2,000 30,000 15,000 10,000 25,000 152,000 438,000 50,000 15,000 35,000 473,000