ABC Corporation has provided the following data for the month of May: Sales revenue $300,000, Cost of goods sold $150,000, Selling and administrative expenses $50,000, and Income tax expense $30,000. Prepare a multi-step income statement and discuss the relevance of each section in assessing the company's financial performance and operational efficiency. Analyze the impact of changes in sales, costs, and expenses on net income and profitability ratios.