Miller Cereals is a small milling company that makes a single brand of cereal. Recently, a business school intern recommended that the company introduce a second cereal in order to diversify the product portfolio. Currently, the company shows an operating profit that is 20 percent of sales. With the single product, other costs were twice the cost of rent. The intern estimated that the incremental profit of the new cereal would only be 3.5 percent of the incremental revenue, but it would still add to total profit. On his last day, the intern told Miller's marketing manager that his analysis was on the company laptop in a spreadsheet with a file name, NewProduct.xlsx. The intern then left for a 12-month walkabout in the outback of Australia and cannot be reached. When the marketing manager opened the file, it was corrupted and could not be opened. She then found an early (incomplete) copy on the company's backup server. The incomplete spreadsheet is shown as follows. The marketing manager then called a cost management accountant in the controller's office and asked for help in reconstructing the analysis. Check my work Required: As the management accountant, fill in the blank cells. (Do not round intermediate calculations. Round your final answers to the nearest whole number. Enter all amounts as positive values.) 10 points eBook Print Miller Cereals Projected Income Statement For One Year Status Quo: % Increase Alternative: Single Product (Decrease) Two Products $ 200,000 40 % $ 280,000 References Difference $ 80,000 Sales revenue Costs Material 60,000 70,000 70,000 Labor Rent 15 % 50 % 0 % 40 % Depreciation 10,000 5,000 10,000 7,000 Utilities 2,000 Other Total costs Operating profit | $ $ 160,000 40,000 $ $ 237,200 42,800 77,200 2,800 7% $