for the Year Ending June 30 Type of cost $7,464,285 2,239,286 Variable Cost 1,716,786 Variable Cost 223,929 Fixed Cost 298,571 Semivariable Cost Net sales Cost of goods sold! Direct materials Direct labor Overhead expenses: Rent expense Electric utility expense Total cost of goods sold Gross profit Operating expenses: Shipping and delivery expenses Depreciation on buildings and property Total operating expenses Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Taxes (35%) 4,478,572 2,985,713 149,286 Variable Cost 447,857 Fixed Cost 597,143 2,388,570 298,571 Semivariable Cost 2,089,999 731,500 Variable Cost 2,388,570 298,571 Semivariable Cost 2,089,999 Earnings before interest and taxes (EBIT) Interest expense Earnings before taxes (EBT) Taxes (35%) Net Income Preferred stock dividends Earnings available to common shareholders 731,500 Variable Cost $1,358,499 231,393 Variable Cost $1,127,106 Given your findings for Wellington Industries above, construct an income statement using the revised format. For simplicity's sake-and for the portion of the problem only-assume the following: Any semivariable cost is composed of a 50% variable-cost component and a 50% fixed-cost component. (Remember, in actuality these percentages will differ depending on the source of the cost.) . All of the company's tax expense consists of sales and income taxes, and thus, varies proportionately with Wellington's sales. Wellington Industries Income Statement for the Year Ending June 30 $7,464,285 4,105,358 821,071.5 4,478,573 2,388,570 Net sales Less: Variable operating costs Fixed operating costs Total operating costs Earnings before interest and taxes (EBIT) Less: Fixed capital costs Earnings before taxes (EBT) Less: Income taxes (Variable, 35%) Earnings after taxes (EAT) Less: Fixed capital costs (preferred stock dividends) Earnings available to common shareholders Earnings per share (EPS) 400,000 shares 2,089,999 $1,358,499