Exercise: Income Statement MY Company Income Statement December 31, 2018 (amounts in thousands) Net sales $10,500 Cost of goods sold Selling expenses 2,561 Administrative expenses 458 Interest expenses (b) Other expenses 554 Income before taxes 2,046 Income tax expenses (c) Net income $ (d) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895; ending inventory was $758) Inventory turnover = Cost of goods sold / Average inventory Rate of return on sales is 0.15 c) income tax expenses = 276 305 O 471 533