THE BURRITO STAND A student organization has been given permission to operate a burrito stand during the upcoming homecoming weekend. The stand will be located just outside the football stadium, making it accessible during the ball game. The location is also convenient for visitors as they tour the campus at other times during the weekend. An estimated 5.600 visitors will be on campus, in addition to the campus population of 1.800. Each burrito requires: 1 - tortilla 4 oz. meat 6 oz. Rice 8 oz. beans 4 oz. cheese 2 oz. salsa Tortillas costs $4.00 per 20 count bag: meat cost $3.00 per lb, rice cost $14 for a 25 1b bag: Refried beans cost $3.60 for a 64 oz can: cheese cost $15.00 per 5-1b. package; salsa costs $2.80 for a 40 oz. jar. Club members will make the burritos and staff the stand on a volunteer basis. The university requires each vendor to pay a one-time $25.00 permit fee. You also need to purchase a canopy for $150, a small grill for $400 and other supplies for $100. Your club plans to donate the profits from the burrito sales to a local children's hospital. 1. How many burritos can you anticipate selling assuming that 10% of the attendees will buy a burrito? 2. What quantity of each raw material do you need to buy? 3. Calculate your Cost of Goods per burrito (COGS) 4. Anticipate selling each burrito for $8.00. Create and show a properly formatted basic Income Statement P & L. WHAT IS YOUR NET PROFIT MARGIN as a percentage? 5. Calculate your Break- Even point based on your expenses required for the event? Be sure to write the formula and show your calculations