Glorious Hutches has completed their first year of business. John Miller, the owner, has asked your company to calculate Annual Profits. Below are the specifics of the business operation for Year 1. Four employees work 8 hours/day for 5 days/week. Each employee is paid $15/Hour. Mr. Miller pays himself $20/Hour, and also works 8 hours/day for 5 days/week. The material to make the hutches come from two suppliers: American Wood provides the wood at a cost of $200/Hutch Steel, Inc. provides the hardware for the hutch doors at $30/Hutch. Overhead expense for Glorious Hutches is 20% of the Total Labor Cost Glorious Hutches produces 3 hutches/week and sells the hutches for $2,300 80% of the hutches were sold during Year 1.