Using the information circled in the below image, find the value for Commissions in the Pro Forma Income Statement:

Pro Forma Income Statement
Make It So Kitchens & Cabinets
for Fiscal 2023
REVENUE
Sales of Cabinets	7,200,000
Sales of Refurbishing	1,680,000
TOTAL REVENUE	8,880,000
-	-
COGS
Wages & Benefits	2,650,000
Materials	3,220,000
Equipment and Depreciation	36,000
Freight and Shipping	214,000
TOTAL COGS	6,120,000
-	-
GROSS PROFIT	2,760,000
-	-
SELLING, GENERAL, & ADMIN EXPENSES
Personnel Costs	650,000
Commissions	? - Solve for this
Credit Card Fees	90,000
Insurance	13,800

Use the below Balance Sheet for Supplementary information IF NEEDED:

Balance Sheet
Make it so Kitchens & Cabinets
For year ending December 31, 2022
ASSETS
Current Assets
Cash	-	1,042,900
Acounts Receivable	-	780,000
Finished Inventory	-	2,240,000
Prepaid Insurance	-	3,600
Shop Supplies	-	990,000
Short Term Investments (6 - 12 mos.)	-	750,000
Total Current Assets		5,806,500
-	-	-
Long-Term Assets
Long Term Investments (> 1 yr.)		1,400,000
Land & Buildings		6,750,000
Shop Machinery	552,500
Less: Accumulated Depreciation	144,000	Total: 408,500
Total Long-Term Assets		8,558,500
TOTAL ASSETS		14,365,000
-	-	-
LIABILITIES
Current Liabilities
Accounts Payable	690,000
Commercial Paper	810,000
Total Current Liabilities	1,500,000
-	-	-
Long-Term Liabilities
Loans Payable	540,000
Mortgage Payable	3,100,000
Total Long-Term Liabilities	3,640,000
TOTAL LIABILITIES	5,140,000
-	-	-
STOCKHOLDER'S EQUITY
Common Stock		7,500,000
Preferred Stock		1,750,000
Retained Earnings (Fiscal 2022)		975,000
TOTAL STOCKHOLDER'S EQUITY		10,225,000
TOTAL LIABILITIES AND EQUITY		15,365,000

Below, you will find the data that you need to complete Assignment 3, Part I. Unless you are told otherwise, assume all cash inflows and outflows are evenly distributed over 12 months. Income Statement and Balance Sheet Assumptions With respect to projected revenue, Non-Operating Income consists entirely of interest earned on investments. The sale of stock does not impact revenue. For the distribution of revenue and expenses, assume the following: - that refurbishing sales are evenly distributed throughout the year, - March 1st through October 31st accounts for 75% of cabinet sales while the remaining 25% of sales occur between November 1st and February 28th, - for Personnel Costs, Marketing Expenses, and Office Expenses in the Selling, General \& Admin Expenses category, assume that each expense is evenly distributed over the course of the year. For all other expenses in this category, use the information provided in the case and use separate line items for each. - Accounts Payable for 202X were $690,000. Assume that payments will be made in equal thirds over the first three months of 202Y. - Accounts Receivable are addressed separately in point below. Selling Costs Make It So Kitchen \& Cabinets salespeople earn the following commissions: - sale of cabinets: 1.5% - refurbishing sales: 3.5% Make sure you accurately distribute these commissions in the cash flow statement. Tip: Commissions are connected to sales, and they are distributed similarly in the cash flow statement. In addition, the company estimates that 50% of its customers use credit cards to make refurbishing purchases. The credit card company charges 2.5% on these purchases. Customers do not use credit cards for cabinet sales. Tip: For cash flow purposes, remember to distribute credit card charges in the same proportion as you do refurbishing sales. Stock Situation The company has 650,000 outstanding Common Stock shares (valued at $10/ share). The company anticipates paying out dividends of $1.25/ share in May 202Y. There are currently 50,000 preferred stock shares outstanding. They are valued at $35/ share. Below, you will find the data that you need to complete Assignment 3, Part I. Unless you are told otherwise, assume all cash inflows and outflows are evenly distributed over 12 months. Income Statement and Balance Sheet Assumptions With respect to projected revenue, Non-Operating Income consists entirely of interest earned on investments. The sale of stock does not impact revenue. For the distribution of revenue and expenses, assume the following: - that refurbishing sales are evenly distributed throughout the year, - March 1st through October 31st accounts for 75% of cabinet sales while the remaining 25% of sales occur between November 1st and February 28th, - for Personnel Costs, Marketing Expenses, and Office Expenses in the Selling, General \& Admin Expenses category, assume that each expense is evenly distributed over the course of the year. For all other expenses in this category, use the information provided in the case and use separate line items for each. - Accounts Payable for 202X were $690,000. Assume that payments will be made in equal thirds over the first three months of 202Y. - Accounts Receivable are addressed separately in point below. Selling Costs Make It So Kitchen \& Cabinets salespeople earn the following commissions: - sale of cabinets: 1.5% - refurbishing sales: 3.5% Make sure you accurately distribute these commissions in the cash flow statement. Tip: Commissions are connected to sales, and they are distributed similarly in the cash flow statement. In addition, the company estimates that 50% of its customers use credit cards to make refurbishing purchases. The credit card company charges 2.5% on these purchases. Customers do not use credit cards for cabinet sales. Tip: For cash flow purposes, remember to distribute credit card charges in the same proportion as you do refurbishing sales. Stock Situation The company has 650,000 outstanding Common Stock shares (valued at $10/ share). The company anticipates paying out dividends of $1.25/ share in May 202Y. There are currently 50,000 preferred stock shares outstanding. They are valued at $35/ share