Elantras income for the year ended December 31, 2021, is below:

Elantra
Income Statement				2022 Financial
For Year Ending December 31, 2021				Forecast
Sales		$860,000
Cost of Goods Sold		344,000
Gross Profit		$516,000
Expenses:
Factory Wage Expense		$244,000
Advertising Expense		41,600
Supplies Expense		8,320
Property Tax Expense		6,500
Total Expenses		$300,420
Earnings Before Taxes (EBT)		$215,580
Tax		53,895
Net Income		$161,685

Prepare the companys 2022 financial forecast, based on the following assumptions for 2022 in relation to the final 2021 income statement amounts:

1. Sales will increase 30% due to increased product demand

2. Cost of goods sold are estimated to be 40% of 2022 sales

3. Factory wage expense is estimated to be 80% of 2022 cost of goods sold

4. Advertising expense is estimated to be 15% of 2022 sales

5. Supplies expense is estimated to increase 20%

6. Property tax expense is expected to remain unchanged in 2022

7. The tax rate will again be 25%