$$

Smith & Chief Ltd$.$ of Sydney, Australia, is a merchandising firm that is the sole distributor of product that is increasing in popularity among Australlan consumers. The company's income statements for the four most recent quarters follow:

SMITH & CHIEF LTD$,$

Income Statements

For the Four Querters Ending December $31$

$\backslash$table$[[,$Quarter $1,$Quarter $2,$Quarter $3,$Quarter $4],[$Sales in units,$6\mathrm{.}100,5,600,6\mathrm{.}920,6\mathrm{.}300],[$Sales revenue,$\backslash$table$[[$A$$610,060],[366,600]],\backslash$table$[[$A$$560,060],[336,020]],\backslash$table$[[5692,600],[415,280]],],[\backslash$table$[[$Less: Cost of goods sold$],[$Gross margin$]],244,360,224,800,276,8100,252,000],[\backslash$table$[[$Less: Operating expenses:$],[$Advertising expense$],[$Shipping expense$],[$Salaries and comissions$],[$Insurance expense$],[$Depreciation expense$],[$Total operating expenses$]],\backslash$table$[[22,600],[40,460],[87,600],[7,660],[16,600],[174,800]],\backslash$table$[[22,680],[42,400],[81,200],[7,600],[16,600],[170,480]],\backslash$table$[[22,600],[47,680],[97,640],[7,600],[16,600],[191,520]],\backslash$table$[[22,600],[42,080],[94,280],[7,600],[16,600],[183,160]]],[$Net Income,As $69,200,$As $53,600,$As $85,280,A$$$68,840$