Income statement; profit percentage: The shelikoff company submits the following information on December 31, 19 Sales for the year. $314,000 Inventories at the beginning of the year: Finished goods 5,900 Work in process. 4,600 Materials. 3,800 Purchase of materials for the year ..... 140,000 Direct labor... 67,350 Factory overhead 50% of labor cost Inventories at the end of the year: Finished goods 9,270 Work in process. 6,200 Materials. 4,300 Other expenses for the year: Marketing expenses 23,115 Administrative expenses. 17,650 Required: 1) An income statement for the year ended December 31,19 2) The percentage of income to sales, before income tax