Baldwin Field Enterprises
Income Statement
For the Years Ended December 31, 2015 and 2014
	2015		2014
	Amount		Amount
Revenue from sales:
Sales	$87,000		$73,200
Less returns	2,200		2,400
NET SALES	$84,800		$70,800
Cost of goods sold:
Inventory, January 1	$23,000		$17,500
Purchases	38,000		35,000
Available for sale	$61,000		$52,500
Inventory, December 31	24,100		23,000
Cost of goods sold	$36,900		$29,500
Gross Profit	$47,900		$41,300
Operating expenses:
Salary	$11,200		$10,900
Rent	7500		6000
Advertising	1,400		1,200
Delivery	450		380
Depreciation	650		600
Equipment rental	350		420
Administrative	1,900		1,700
Miscellaneous	190		220
Total operating expenses	$23,640		$21,420
Income before tax	$24,260		$19,880
Income tax	2,500		2,600
NET INCOME	$21,760		$17,280

Assume that the beginning inventory was $18,000 in 2014 and $21,500 in 2015 and that the rent was $6,400 in 2014 and $8,800 in 2015. Compute the following amounts and percents to reflect the revised beginning inventory and rent numbers. Round to the nearest whole percent.

Difference

2015 Amount 2015 Percent 2014 Amount 2014 Percent Amount Percent

Gross profit $ % $ % $ %

Net income $ % $ % $ %