Use the following information to prepare Companys Income Statement:

5% of sales returned

Gross sales = 100,000 + Retail sales from FIFO=25,000

Cost of Goods Sold = 110,000 = from FIFO

Depreciation = 29,675

Sales expenses = 10% of Net Sales

Administrative Expenses = 42,730

Income from other sources = 197,347

Interest = 7.75% of Gross Income

Taxes = 19% of Gross Income