An engineering consultancy has the following income and expenses during a particular reporting period: Item Amount, $ Vehicle expenses Rent and rates payable Depreciation of office equipment Sales Goods purchased Lights and water Telephone Internet Insurance Interest on business loan Salaries and wages 1,200 4,000 1,500 100,000 67,000 900 450 300 800 500 11,000 (i) Determine the profit for this business by preparing an income statement. (ii) Explain the meaning of sales for an engineering consultancy