You have been making artisan gouda cheese for friends and family for the past few months. Finally, you have perfected your product and decide to participate in the Etsy online Christmas craft market from November 16-18, 2020. To get your business ("Island Cheese") off the ground, you invested $1,000 cash. You paid $150 for a virtual booth on the online craft market to sell your orders. You bought ingredients at a cost of $500 (enough to make 100 packages of cheese). You also paid $50 for a targeted Facebook advertisement to promote your presence at the online craft market. You decided to expand your product line by also selling Acadian style meat pies made by a close friend. You purchased 30 pies at a total cost of $300. You promised to pay your friend next week (after the craft market was over). During the online craft market, you sold all 100 packages of cheese at a price of $25 each (all cash sales). In addition, you received deposits of $200 for an additional 8 speciality cheeses to be delivered at a future date. You also sold 28 meat pies at $30 each (all cash sales). You paid your younger brother $40 for packaging items for shipment. You did not pay yourself anything nor did you include the cost of your time in making the cheese as part of the cost of cheese sold. You hope your profit will sufficiently reward all of your efforts. Although you were left with 2 unsold meat pies (with a total cost of $20), you are confident that you can easily sell them at another future time before their expiry date. At the end of the weekend, you wonder whether your efforts were profitable. Required: Drag and drop to prepare an income statement for the 3-day online craft market period which ended on November 18, 2020. Note: there will be unused responses when the question is complete. Island Cheese Income Statement For the 3 day period ended November 18, 2020 Revenues: Cheese sales Meat pie sales Total revenues Expenses: Cost of ingredients Cost of meat pies sold Virtual booth rental Advertising expense Salaries expense Total expenses Net income 840 150 2520 || 2380 1040 || 2580 || 280 300 1020 2320 || 2560 500 3400 3340 2500 2300 900 2360 || 3600 || 2700 || 3540 50 40