Prepare a multi-step income statement that reports expenses by FUNCTION, not nature, using the information below.

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Navaria Inc. manufactures and sells chair lift mobility aids. These are chairlift systems designed for inhome use to aid persons with mobility challenges. The company sells its systems online and through a network of independent sales agents. Installation of the systems is done by independent contractors hired directly by Navaria's customers. The following information was taken from Navaria's financial records for the year ended June 30, 2020: $9,639 78,460 644 (in thousands of dollars) Administrative expenses Cost of goods sold Other expenses Financing expenses Interest revenue Income tax expense Sales revenue 827 633 4,939 119,986 Depreciation $522 Engineering activities Research and development activities Sales and marketing activities Rental of Equipment $64 32 Wages $1,931 780 3,620 Advertising $0 0 5,809 127 O 28 Prepare a multi-step statement of income for the year ended June 30, 2020 that reports expenses by function. (Enter amounts in thousands.) Navaria Inc. Statement of Income For the Year Ended June 30, 2020 (in thousands of dollars) Sales Revenue A Cost of Goods Sold Gross Profit