Table B. Calculate the Pro Forma Income Statement for Adams Corporation (25 pts): Pro Forma Income Statement, Quarterly Ending March 31, 2021 January February March Total Sales Cost of goods sold* 139,400 98,400 126,000 363,800 Gross profit Selling & administration expense Interest expense 2,667 2,667 2,666 8,000 Net profit before taxes Taxes (40%) Net profit after tax Less: Common dividends 48,420 48,420 Increase in retained earnings *Using FIFO, the firm begins January with 2,900,000 units of inventory. COGS for these units is $82 per 1,000 buttons ($52/1,000 for materials, $20/1,000 for labour and $10/1,000 for overhead). Eventually, this inventory will be replaced with inventory, which includes the material price increase on January 1. Sales in January are estimated at 1,700,000 units. All units can be taken from the opening balance of 2,900,000 units with a COGS of $82 per 1,000 buttons. The total costs of goods sold for January can be calculated as $82 x 1,700 = $139,400. The firm starts February with 1,200,000 units at the "older" COGS. The firm plans to sell all 1,200,000 units in February, retiring all COGS at $82 per 1,000 buttons. The total costs of goods sold for February can be calculated as $82 x 1,200 = $98,400. The firm plans to sell 1,400,000 units in March, with the new COGS of $90 per 1,000 buttons