Question 1 $1,500,000 ? 850,000 Complete the following income statement of XYZ Corporation. Sales Cost of Goods Sold Gross Profit (margin) Operating Expenses Operating Profit (margin) Interest Expense Net Income Before Taxes (NIBT) or Taxable Income 150,000 700,000 20,000 ? 272,000 Taxes @ 40% Net Income (margin) ? The amount of cost of goods sold is? 850,000 650,000 680,000 150,000