would you please help me solve this question please, I have done something but not sure (please see pic attached)

Thank you for your help.

PART 3: BUDGETING FOR A SNOWIE BUSINESS Now assume the Snowie supplier increases the cost of a gallon of the Snowie syrup to US$8.00 (from its original cost of US$4.25). In response, you increase the selling price of a large Snowie to US$5.00. REQUIREMENTS 1. Make the following assumptions (you can re-use your assumptions from Part 1 if you wish or you can change them): a. Number of days you anticipate opening the Snowie kiosk per month b. Number of hours you will work (no wages required) per day c. Number of hours you will pay an employee to work in the Snowie kiosk per day d. How many Snowies you estimate you will sell on an average day 2. Prepare a budgeted contribution margin income statement for one month using the data given in Part 1 and the assumptions that you listed in Part 3. Provide a separate line for each variable cost and for each fixed cost. 3. What other factors should you consider before deciding to start a Snowie business? Costs All listed costs relate to the large size Snowie $0.20 $0.02 Ice per Snowie Spoon straw (need one per Snowie) Styrofoam cup (need one per Snowie) Napkin per sheet (need two per Snowie) $4.25 Servings per gallon of syrup Cost per gallon of syrup (includes concentrate, preservative, and sugar) Hourly rate for workers Event registration fee per day Electricity, insurance, maintenance, and permit costs per month Kiosk rental per month Purchase cost of two ice shavers (five-year life) Purchase cost of a flavor station (five-year life) $10.00 $25.00 $250.00 $650.00" $3,180.00 $1,080.00 *Assumption made for this case All monetary figures are expressed in US dollars 20 REQUIREMENTS 1. Make the following assumptions (you can re-use your assumptions from Part 1 if you wish or you can change them a Number of days you anticipate opening the Snowie kiosk per month b. Number of hours you will work (no wages required) per day__ o Number of hours you will pay an employee to work in the Snowie kiosk per day d. How many Snowies you estimate you will sell on an average day- 1,000 2 Prenare budgeted contribution marain income statement for ana manthrrein the data luen in Part 1 and the scention that Lion 28 lee per Snowie $ 0.20 Budgeted contribution margin income statement for Snowies Spoon straw (need one per Snowie) $ 0.02 Styrofoam cup (need one per Snowie) $ 0.08 Sales $5,000.00 Napkin per sheet (need two per Snowie) $ 0.01 Less: Variable Expenses: Servings per gallon of syrup Cost of Goods Sold $ 610.00 $ 610.00 Cost per gallon of syrup (includes concentrate, $ 8.00 preservative, and sugar) Contribution Margin $4,390.00 Hourly rate for workers $ 10.00 Less: Fixed Expenses: Event registration fee per day $ 25.00 Fixed Wages $ 1,600.00 Electricity, insurance, maintenance, and permit $ 250.00 Registration $ 500.00 Kiosk rental cost per month $ 650.00 Fixed Maintenance Costs $ 250.00 Purchase cost of twoice shavers (5-year life) $ 3.180.00 Fixed Rental $ 650.00 Purchase cost of a flavor station (5-year life) $1,080.00 Fixed depreciation Cost $ 71.00 $ 3,071.00 Net Income $1,319.00 tion made for this case ary figures are expressed in U.S. dollars Cost of syrup per There should be other factors that one should consider before starting a Snowie snowie 0.2857143 business. Overtime hours aren't factored in the wages, the depreciation of the lce per Snowie 0.20 land isn't factored in, and marketing expenses aren't factored in. These factors Spoon straw (need one per Snowie) 0.02 will be needed in order to make a more comprehensive decision to open the Styrofoam cup (need one per Snowie) 0.08 business. Although selling 1,000 cups results in around a $1,300 in net profit, Napkin per sheet (need two per Snowie) 0.02 miscellaneous expenses arent considered to make a more detailed decision. Syrup per serving (cost per gallon/servings) 0.29 Rounded to 0.29 Total Variable Cost 0.61 Cup of Snowie