Build a Multi-step Income Statement by linking all G/A expenses and Sales expenses from the inc data sorting worksheet previously completed. Refer to the sorting related steps discussed in previous section. Using the cost of goods sold from the CGS worksheet and the inc data sorting worksheet you updated, prepare a multistep income statement in good form. Use 21% as the federal income tax rate. Apply the rate to the pre-tax income and calculate the final net income after the tax expense.

I believe sales is $13,070,000.

CGS Worksheet

Cost of Goods Manufactured	10,082,567
Add: Beginning Finished Goods Inventory	179,680
Less: Ending Finished Goods Inventory	106,980
Cost of Goods Sold	10,155,267

Inc Data Sorting:

Functional Difference
1	Employee benefits- office	$ 6,600
1	Supply expense- office	$ 200
1	Utilities - office	$ 150
1	Insurance expense- office	$ 450
1	Maintenance and repair expense- office	$ 250
1	Rent- office	$ 1,000
1	Travel- office/CEO	$ 2,000
1	Professional fees - office	$ 2,000
1	Depreciation- office equipment	$ 250
2	Payroll expense- sales salary	$ 8,000
2	Payroll expense- sales commission	$ 256,858
2	Employee benefits - sales	$ 8,000
2	Insurance expense- selling	$ 500
2	Rent - sales	$ 1,200
2	Advertising	$ 1,000
2	Travel- sales	$ 5,000
2	Depreciation- selling equipment	$ 167
3	Payroll expense- factory labor	$ 224,420
3	Payroll expense- indirect labor	$ 20,000
3	Supplies used- factory	$ 6,000
3	Utilities - factory	$ 8,000
3	Insurance expense - factory	$ 2,000
3	maintenance expense and repair- factory	$ 5,000
3	Rent- factory	$ 80,000
3	Depreciation- factory equipment	$ 5,000