Homework Saved Required information (The following information applies to the questions displayed below.) Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 Sales $ 490,565 $ 375,813 $ 260,800 Cost of goods sold 295,320 236,762 166,912 Gross profit 195,245 139,051 93,888 Selling expenses 69,660 51,862 34,426 Administrative expenses 44,151 33,072 21,646 Total expenses 113,811 84,934 56,072 Income before taxes 81,434 54,117 37,816 Income tax expense 15,147 11,094 7,677 Net income $ 66,287 $ 43,023 $ 30,139 5 2017 KORBIN COMPANY Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 2018 Assets Current assets $ 61,566 $ 41,206 Long-term investments 0 800 Plant assets, net 114,336 104, 115 Total assets $ 175,902 $ 146, 121 Liabilities and Equity Current liabilities $ 25,682 $ 21,772 Common stock 71,000 71,000 Other paid-in capital 8,875 8,875 Retained earnings 70,345 44,474 Total liabilities and equity $ 175,902 $ 146, 121 $ 55,083 4,500 61.478 $ 121,061 $ 21,186 53,000 5,889 40,986 $ 121,061 4. Refer to the results from parts 1, 2, and 3. (a) Did cost of goods sold make up a greater portion of sales for the most recent year? Yes