Prepare an income Statement for ABC Food marketing Company Prepare it in good form Month Ending March 30, 2020 ABC Food Marketing Company Income Statement and Retained Earnings For the Period: January 1 through December 30, 2019 Prepare and Income Statement using the data below: Sales $3,200,000 2,000,000 Food Beverages Sales Beginning Inventory Purchases Ending Inventory Cost of Sales Gross Profit Fxpenses $1,000,000 $ 2,000,000 900,000 Gross Profit Expenses Labor Other Operating Exp. Depreciation Interest Expense Total Expenses Income Before Taxes Income Taxes NET INCOME $1,000,000 $1,404,000 $ 105,000 $ 242,000 $ 165,000 $1,000,000 STATEMENT OF RETAINED EARNINGS Retained Earnings, December 31, 2019 Net Income Subtotal Cash Dividends Paid This Year Retained Earnings, December 31,2019 What is the Gross Profit % $ 60,000