Sales Cost of goods sold: Direct materials Direct labor Factory overhead Estimated Income Statement For the Year Ended December 31, 20Y7 Cost of goods sold Gross profit Expenses: Selling expenses: Sales salaries and commissions 100,600 Advertising 22,900 Travel 5,100 Miscellaneous selling expense 1,452,000 158,400 92,400 404,400 655,200 796,800 32,000 160,600 Total selling expenses Administrative expenses: Office and officers' salaries 66,100 Supplies 21,300 Miscellaneous administrative expense 27,400 Total administrative expenses 114,800 Total expenses 275,400 Income from operations 521,400