Income statement data for Boone Company for the years ended December 31, 2045 and 2074, are as follows: 20Y5 2014 Sales $892,800 $720,000 Cost of goods sold (768,600) (630,000) Gross profit $124,200 $90,000 Selling expenses $(35,340) $(31,000) Administrative expenses (31,720) (26,000) Total operating expenses $(67,060) $(57,000)