The following is an income statement for Georgia Textiles. Georgia Textiles Income Statement For the Years Ended December 31, 2015 and 2014 2015 2014 Amount Amount Revenue from sales: Sales $920,000 $827,000 Less returns 15,000 30,000 NET SALES $905,000 $797,000 $210,000 Cost of goods sold: Inventory, January 1 Purchases Available for sale Inventory, December 31 - Cost of goods sold Gross Profit $670,000 215,000 $455,000 $450,000 $197,000 395,000 $592,000 210,000 $382,000 $415,000 $120,000 80,000 20,000 4,200 3,100 Operating expenses: Wages Rent Advertising Insurance Depreciation Equipment rental Administrative Miscellaneous Total operating expenses Income before tax Income tax NET INCOME $132,600 84,000 18,000 4,500 3,600 1,200 7,000 3,200 $254,100 $195,900 31,000 $164,900 1,400 5,200 2,100 $236,000 $179,000 28,000 $151,000 Assume that the ending inventory was $225,000 in 2015. Compute the following items. Round percents to two decimal places. Total operating expenses Income before tax Income tax NET INCOME $254,100 $195,900 31,000 $164,900 2,100 $236,000 $179,000 28,000 $151,000 Assume that the ending inventory was $225,000 in 2015. Compute the following items. Round percents to two decimal places 2015 Gross profit amount 2015 Net income amount 2015 Gross profit percent 2015 Net Income percent