Use the following information to construct an income statement:
|
Cost of goods sold |
$684,000 |
|
Gross profit |
$546,000 |
|
General and administrative expense |
$159,000 |
|
Selling and marketing expense |
$134,000 |
|
Operating income |
$228,000 |
|
Income before taxes |
$87,000 |
|
Income tax rate |
27% |