Igloo Tent's accounts have been damaged in a fire, the CEO has asked whether you could help her complete the Income Statement She has provided you with some additional information, use this information to assist you in filling in the spaces. Sales $ 350,000.00 Cost of Sales $ 210,000.00 Gross Profit $ 140,000.00 Other income $ 4,500.00 Warehousing expenses $ 22,000.00 Distribution expenses $ 12,000.00 Sales and marketing Administration expenses $ 26,000.00 Finance expenses $ 6,298.00 Profit before tax $ 67,702.00 TAX (30%) $ 20,310.60 NET PROFIT 47,391,40 $ Additional Information The company tax rate is at 30% Gross Profit Margin Ratio = 40% Profit Margin Ratio = 15% (used net profit not EBIT) Required: a) Calculate missing figures: Cost of sales (1 mark) Gross Profit (1 mark) Sales and marketing expense (2 marks) Profit before tax (1.5 marks) Tax (1.5 marks) Net profit (1 mark) b) Represent the income statement for Igloo Tents Pty Ltd for the year ended 31 December 2018 (2 marks) 7 AB 1 3 350,000.00 $ 4,500.00 22,000.00 $ $ 12,000.00 Total Expenses Protit before tax TAX NET PROFIT