Operating data for Sheffield Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2020 $720,000 501,120 111,600 59,040 28,800 19,440 2019 $600,000 424,200 75,000 43,800 24,600 32,400 SHEFFIELD CORP. Condensed Income Statement 2020 Percent 2019 Amount Amount Sales Percent $720,000 % $600,000 % Cost of goods sold 501,120 % 424,200 % 218,880 Gross profit Selling expenses % 175,800 % 111,600 % 75,000 % Administrative expenses 59,040 % 43,800 % Total operating expenses 170,640 % 118.800 % Income before income taxes 48,240 % 57.000 Income tax expense 28,800 % 24,600 %6 Net income $ 19,440 % $ 32,400 96