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The following information that relates to Cheap as Chips is extracted on 30 June 2021: Cheap as Chips Cheap as Chips Cheap as Chips Income Statement Budgeted Income Statement Income Statement for the year ending 30/6/2020 for the year 2020-2021 for the year ending 30/6/2021 INCOME: INCOME: INCOME: Sales Sales 180,000 Sales Revenue 211,680 Revenue Revenue Less: COGS 100,000 Less: COGS Less: COGS 107,000 Gross Profit 80,000 Gross Profit Gross Profit 104,680 Expenses: Expenses: Expenses: Rent Rent Rent Expense 38,000 Expense Expense Wages Wages Wages Expense 34,000 Expense Expense Total Total Total 60,000 62,000 72,000 Expenses Expenses Expenses Net Profit 20,000 Net Profit 48,000 Net Profit 32,680 Required: Answer the following questions in the spaces provided. Round all answers to 2 decimal places. Do not use comma separators. For percentages, Do not include the % symbol. For example, if your answer is 0.2568, 0.26 would be the correctly formatted answer. For any negative amounts, include - before the number. Do not add a space between the '-' and the number. For example, if your answer is negative 20, -20.00 would be the correctly formatted answer. The % that the COGS increased, based on the previous year is % (Round your answer to 2 decimal places.) (1 mark) % (Rounded to 2 decimal places.) (1 mark). The % change in Sales Revenue compared to the previous year is % (Rounded to 2 decimal places.) (1 mark). % (Rounded to 2 decimal places.) (1 mark). The % change in Sales Revenue compared to the budget is The % change in Total Expenses compared to the previous year is The % change in Total Expenses compared to the budget is Based on the above information, it can be determined that Cheap as Chips From the information it is evident that Cheap as Chips needs to better manage % (Rounded to 2 decimal places.) (1 mark). 38,000 22,000 38,000 24,000 216,000 106,000 110,000 + achieve the budgeted sales. (1 mark). + . (1 mark)