Sure, let's complete the income and expense statement for the sale of 240 tortillas and show how much profit Chloe made.
Below is the filled-in table:
\begin{tabular}{|l|l|l|l|}
\hline \multicolumn{2}{|c|}{ Income } & \multicolumn{1}{|c|}{ Expense } \\
\hline \begin{tabular}{l}
Sale of \\
240 tortillas
\end{tabular} & \[tex]$360.00 & Fixed cost & \$[/tex]100.00 \\
\hline & & \begin{tabular}{l}
Cost of each \\
tortilla
\end{tabular} & \[tex]$120.00\\
\hline Total Income & \$[/tex]360.00 & Total Cost of 240 tortillas & \[tex]$220.00 \\
\hline & Profit & & \$[/tex]140.00\\
\hline
\end{tabular}
Here is the step-by-step breakdown:
1. Income from Sale of 240 Tortillas
Chloe sold 240 tortillas at a sale price per tortilla. The total income from this sale is:
[tex]\[
\text{Total Income} = \$360.00
\][/tex]
2. Fixed Costs
Chloe incurs a fixed cost for producing the tortillas, which is:
[tex]\[
\text{Fixed Cost} = \$100.00
\][/tex]
3. Cost of Each Tortilla
The variable cost to produce each tortilla:
[tex]\[
\text{Total Cost of 240 Tortillas} = \$120.00
\][/tex]
4. Total Expense
The total expense includes both the fixed cost and the variable cost for producing 240 tortillas:
[tex]\[
\text{Total Expense} = \$100.00 + \$120.00 = \$220.00
\][/tex]
5. Profit
The profit can be determined by subtracting the total expense from the total income:
[tex]\[
\text{Profit} = \$360.00 - \$220.00 = \$140.00
\][/tex]
Thus, the completed statement reflects a total income of \[tex]$360, total expenses of \$[/tex]220, and Chloe made a profit of \$140 from selling 240 tortillas.
