Q$1$: For the ended Dec$\mathrm{.}31,2021,$ Canton Noodle Company had general and administrative expenses of

$10\%$ of sales $($or $20\%$ of cost sold$).$ Selling expenses equal $20\%$ of sales. Beginning inventories were

$100000$ $$,$ and purchases amounted to $55\%$ of sales. Income before income tax of $40\%$ was $80000$$$.$

Required: Prepare income statement for the year ended Dec$\mathrm{.}31,2021$ in amount and percentages