John runs a chili restaurant in San Francisco. His total revenue last year equaled $$111,000.$ The rent on his restaurant totaled $$48,000.$ His labor costs totaled $$43,000.$ His materials, food and other variable costs totaled $$21,000.$ To John's accountant, John:

incurred a loss of $$111,000.$

incurred a loss of $$1,000.$

earned a profit of $$111,000.$

incurred a profit of $$1,000.$

had a total cost equal to $$91,000.$