Sure, let's break down the completion of the income and expense statement step-by-step:
1. Sales Information:
- Chloe sold 240 tortillas.
2. Income from Sales:
- She sold each tortilla for [tex]$1.00.
- Total income from the sale is calculated by multiplying the number of tortillas sold by the price per tortilla:
\[
\text{Total Income} = 240 \text{ tortillas} \times \$[/tex]1.00 \text{ per tortilla} = \[tex]$240.00
\]
3. Cost Information:
- The cost to Chloe for each tortilla is $[/tex]0.50.
- Total cost for 240 tortillas is calculated by multiplying the number of tortillas by the cost per tortilla:
[tex]\[
\text{Total Cost} = 240 \text{ tortillas} \times \$0.50 \text{ per tortilla} = \$120.00
\][/tex]
4. Profit Calculation:
- Profit is calculated by subtracting the total cost from the total income:
[tex]\[
\text{Profit} = \$240.00 - \$120.00 = \$120.00
\][/tex]
Now, we can fill in the table:
\begin{tabular}{|c|c|c|}
\hline
\multicolumn{3}{|c|}{ Income and Expense Statement } \\
\hline
\begin{tabular}{l}
Sale of \\
240 tortillas
\end{tabular} & \multicolumn{2}{|c|}{} \\
\hline
& \begin{tabular}{l}
Fixed cost \\
\end{tabular} & \\
\hline
& \begin{tabular}{l}
Cost of each \\
tortilla
\end{tabular} & \[tex]$0.50 \\
\hline
Total Income & Total Cost of 240 tortillas & Profit \\
\hline
\$[/tex]240.00 & \[tex]$120.00 & \$[/tex]120.00 \\
\hline
\end{tabular}
This table provides a clear breakdown of Chloe's sales, costs, and resulting profit for the 240 tortillas she sold.
