1. (Percentage of salesincome statement) Using the percentage-of-sales method, forecast the income statement of a company with the following data: Sales last year $4,000,000 Variable expenses: Cost of goods sold $2,500,000 Operating expense $900,000 Fixed Operating Expense $300,000 Fixed operating expense $0,000 Interest bearing debt: Average balance next year $1,000,000 Average interest rate next year 9% Tax rate 21% If the company's sales forecast for the coming year is: $5,000,000 and $6,000,0000