Giroux Company is a manufacturing firm that is developing its first basic income statement for the year, 2021. Thus far, the company has gathered the following information: Gross Margin percentage = 28%; Selling, General and Administrative Costs (S, G &A) are 60% of Prime Costs; Beginning Finished Goods Inventory = $14,000; Ending Finished Goods Inventory = $8,000; Total Direct Materials Cost = 40% of Manufacturing Overhead; Total Direct Labor Cost = 800 hours @ $30 per hour; Total Conversion Costs = $87,300. Assume Tavares has no work in process or raw materials inventory.

Required: Using the above information, help Giroux Company determine its net profit by filling in the blank spaces numbered, 1 - 5, in the income statement below.

Income Statement - Giroux Company, 2021 Sales (1) $ Less Cost of Goods Sold (2) $ Gross Margin (3) $ Less S, G & A (4) $ Net Profit (5) $