Q1: For the ended Dec.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.31, 2021 in amount and percentages