Administrative expenses	$70,000
Finished goods inventory January 1, 20x3	$120,000
Cost of Goods Manufactured during the year	$200,000
Finished goods inventory December 31, 20x3	$60,000
Selling expenses	$40,000
Sales	$680,000

Required: 1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20x3. (Assume a 30% income tax). 2. Provide at least three performance ratios regarding Superior Manufacturing Company and comment on the company's performance. 3. Create a report between 200 and 300 words in length for leadership. The topic is the state of the company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.