Financial Statements: Develop an Income Statement for 20xX, Cash Flow Statement for 20XX, and Balance Sheet as of the end of 20XX based on the data provided below for year 20XX. All sales are collected when the sale is made and all expenses are paid when the expense is incurred. Explain the purpose of each financial statement. 1. a. Income Statement Data for 20XX: . Units produced and sold - 420 Sales ($80 per unit selling price) $33600 . Cost of goods sold ($30 per unit, all variable costs) - $12600 . Labor - So (Mr. and Mr. Lee were the only ones working and did not pay themselves) . Advertising fees $2000 - Bank fees $150 . Phone/internet- $1200 e Shioning $3 pe