Operating data for Novak Corp. are presented below.

2022

2021

Sales revenue

$848,000$637,800Cost of goods sold

529,300409,500Selling expenses

124,90075,900Administrative expenses

73,70050,700Income tax expense

36,20028,900Net income

83,90072,800

NOVAK CORP.

Condensed Income Statement

choose the accouning period

For the Month Ended December 31

December 31

For the Years Ended December 31

2022

2021

Amount

Percent

Amount

Percent

Sales

$848,000

enter percentages

%

$637,800

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%

Cost of goods sold

529,300

enter percentages

%

409,500

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%

Gross profit

318,700

enter percentages

%

228,300

enter percentages

%

Selling expenses

124,900

enter percentages

%

75,900

enter percentages

%

Administrative expenses

73,700

enter percentages

%

50,700

enter percentages

%

Total operating expenses

198,600

enter percentages

%

126,600

enter percentages

%

Income before income taxes

120,100

enter percentages

%

101,700

enter percentages

%

Income tax expense

36,200

enter percentages

%

28,900

enter percentages

%

Net income

$83,900

enter percentages

%

$72,800

enter percentages

%