Exercise 2 SANGSTER RETAIL SALES INC. (in 000s of dollars) Gross income (profit) Net income before tax Selling expenses Ending inventory Net sales Beginning inventory General and administrative expensesxt $543 240 160 475 2.125 393 143 Ils outside these parameter For use only in the course Business for Engineers at Richard Ive Assignment Different income statement items of Sangster Retail Sales Inc. are listed above in random order for the three-month period ending March 31, 2019. Prepare an income statement for the period ending March 31, 2019, for Sangster Retail Sales Inc. Assume the income tax rate is 25 per cent. Note: To complete this exercise, the following will have to be calculated: (a) cost of goods sold. (b) purchases and (c) net income after tax