Data table A B C 1 2 3 Elegant Elephants Traditional Income Statement (Absorption Costing) For the Year Ended December 31 4 Sales revenue 5 Less: Cost of goods sold 6 Gross profit $ 1,002,000 671,000 $ 331,000 7 Less operating expenses: 8 Selling and marketing expenses $ 63,000 9 Website maintenance expenses 55,500 10 Other operating expenses 18,400 136,900 11 Operating income $ 194,100