Task 1 Table 1 below provides amounts of Income and expenditure that at bicycle retail and repair shop incurred in a year. You are not given which items are expenses and which items are income but there 0 are Just enough cells to 1 accommodate the Information. Work 2 out how much profit the business 3 earned in the year. 24 Task 1 Profit and Loss Statement Gross Revenue (Sales) Total Gross Revenue $ Cost of Goods Sold Table 1 Your Information Bicycle Sales $20,000, Telephones $350, Wages $5,000, Insurance Costs $1,000, Apparel Sales $5,000, Repair Income $5,000, Bicycle Inventory Cost of Goods Sold $10,000, Facility Maintenance $1,000, Rent $4,000, Apparel Inventory Costs of Goods Sold $2,500, Electricity $7,500, Marketing $1,000 25 26 27 28 29 30 31 32 33 34 35 36 Total COGS Net Revenue (Sales) Operating Expenses 37 38 39 40 Total Operating Expenses Profit/Loss $