You have investors for your new business in the your area who have loaned you $300,000 in startup money. Choose a department within your new business. Based previous research, develop an Operating Statement for the upcoming season. Previous Research: -Licenses, permits, and registration: $4,000 -Promotion expenses: $3,500 -Rent for a year: $100,000 -Phone and Utility Deposits: $3,000 -Employee Salaries first few months: $60,000 -Inventory Costs: $100,000 -Hardware: $3,700 -CCTV: $10,000 -Website: $600 -Opening party: $2,000 -Store Equipment: $13,200 Detailed Operating Statement Dollars Percents Gross Sales Customer returns and allowance 1 Net Sales 100% + Opening inventory at cost Purchases at cost Transportation charges Total goods handled at cost + 1 + Closing inventory Gross cost of goods sold Workroom charges (if applicable) Cash discounts earned Net cost of goods sold Gross margin + + Direct Expenses Buying salaries Selling salaries Dept. advertising Dept. receiving expenses Total direct expenses + + + + II II Contribution margin Indirect Expenses Allocated rent Allocated exec. salaries Allocated utilities Allocated maintence Total indirect expenses Net profit (or loss) You have investors for your new business in the your area who have loaned you $300,000 in startup money. Choose a department within your new business. Based previous research, develop an Operating Statement for the upcoming season. Previous Research: -Licenses, permits, and registration: $4,000 -Promotion expenses: $3,500 -Rent for a year: $100,000 -Phone and Utility Deposits: $3,000 -Employee Salaries first few months: $60,000 -Inventory Costs: $100,000 -Hardware: $3,700 -CCTV: $10,000 -Website: $600 -Opening party: $2,000 -Store Equipment: $13,200 Detailed Operating Statement Dollars Percents Gross Sales Customer returns and allowance 1 Net Sales 100% + Opening inventory at cost Purchases at cost Transportation charges Total goods handled at cost + 1 + Closing inventory Gross cost of goods sold Workroom charges (if applicable) Cash discounts earned Net cost of goods sold Gross margin + + Direct Expenses Buying salaries Selling salaries Dept. advertising Dept. receiving expenses Total direct expenses + + + + II II Contribution margin Indirect Expenses Allocated rent Allocated exec. salaries Allocated utilities Allocated maintence Total indirect expenses Net profit (or loss)