MegaByte Solutions Ltd provided the following information for the year ended 31 December 2021:

• Sales Revenue: £800,000
• Sales Returns: £30,000
• Cost of Goods Sold: £450,000
• Research and Development Expenses: £120,000
• Administrative Expenses: £80,000
• Selling Expenses: £60,000
• Interest Expense: £25,000
• Tax Expense: £35,000

Requirements:

1. Calculate the net sales for the year.
2. Prepare a detailed income statement for MegaByte Solutions Ltd for the year ended 31 December 2021.
3. Calculate the net profit margin and return on sales.