Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow: KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2014, 2013, and 2012 2014 2013 Sales $ 441,471 $338,203 2012 $234,700 Cost of goods sold 265,766 213,406 150,208 Gross profit 175,705 124,797 84,492 Selling expenses 62,689 46,672 30,980 Administrative expenses 39,732 29,762 19,480 Total expenses 102,421 76,434 50,460 Income before taxes 73,284 48,363 34,032 Income taxes 13,631 9,914 6,908 Net income $ 59,653 $ 38,449 $ 27,124