Please prepare the cost of goods sold statement and the income statement based on the financial records of Place Pty Ltd for December 2019 provided below. Additionally, please express the income statement componepts as a percentage of the revenue and provide your comments on the results. Sales: $1000,000 Selling and administrative expenses: $155,000 Direct materials purchases: $250,000 Direct labor: $225,000 Factory overhead: $325,000 Direct materials on hand, December 1: $35,000