The firm uses FIFO inventory accounting. CANTON CORPORATION Income Statement for 20X1 Sales $ 292,250 (16,700 units at $17.50) Cost of goods sold 175,350 (16,700 units at $10.50) Gross profit $ 116,900 Selling and administrative expense 17,535 Depreciation 17,500 Operating profit $ 81,865 Taxes (30%) 24,560 Aftertax income $ 57,306 a. Assume in 20X2 the same 16,700-unit volume is maintained but that the sales price increases by 10 percent. Because of FIFO inventory