Operating data for Ivanhoe Limited are presented below. 2020 2019 Net sales 855,000 780,000 Cost of goods sold 564,300 530,400 Selling expenses 111,150 109,200 Administrative expenses 85,500 78,000 Income tax expense 34,200 23,400 Net income 59,850 39,000 IVANHOE LIMITED Condensed Income Statements For the Years Ended December 31 2020 2019 Amount Percent Amount Percent Net sales 855,000 % 780,000 % Cost of goods sold 564,300 % 530,400 % Gross profit 290,700 % 249,600 % Selling expenses 111,150 % 109,200 % Administrative expenses 85,500 % 78,000 % Total operating expenses 196,650 % 187,200 % Income before income taxes 94,050 % 62,400 % Income taxes expense 34,200 % 23,400 % Net income 59,850 % % 39,000 %