1 2 3 I See The Light Projected Income Statement For the Period Ending December 31, 20x1 4 5 6 Sales 7 Cost of Goods Sold 25,000 lamps @$45.00 @ $30.00 8 9 10 Gross Profit Fixed Selling Expenses: $23,000.00 11 Variable (Commission per unit) @$3.00 75,000.00 $ 98,000.00 12 Administrative Expenses: 13 Fixed $42,000.00 14 Variable @ $2.00 50,000.00 92.000.00 15 Total Selling and Administrative Expenses: 16 Net Profit 17 $1,125,000.00 750,000.00 $ 375,000.00 190,000.00 $ 185,000.00