Prepare annual income statement plan using the information on the attached file. The first tab is the income statement; the plan column will populate sales and operating expenses from your inputs on the second and third tabs. You will directly input "other income" and "tax expense" on the fist tab. The second tab is the sales history to help you develop the sales plan on this tab. The third tab is the expense detail history to help you develop the expense plan on this tab. Add comments to the tabs to help support the assumptions you are making. As you analyze the historical performance, you will note certain aspects of the company strategy regarding each product. Before building your annual plan, you will have to decide what changes, if any, you need to make to the company strategy.

Unit Sales	200		190		160				Input
Price Per Unit	$ 15.00		$ 16.00		$ 18.00				Input
Sales Revenue	$ 3,000		$ 3,040		$ 2,880		$ -		Calculated
Cost of Goods Sold	$ 1,800		$ 1,700		$ 1,550				Input
Gross Profit	$ 1,200		$ 1,340		$ 1,330		$ -		Calculated
Total
Sales Revenue	$ 5,000		$ 5,224		$ 5,318		$ -
Cost of Sales	3,300		3,300		3,390		-
Gross Profit	1,700		1,924		1,928		-
At least 4 comments to support plan assumptions:

Expense History - use the detail below to help build the expense plan
Calculating expenses as a percent of product revenue will help you make decisions and build the expense plan
		2021		2022		2023		2024
Marketing - Product A	100		109		195			Input these 5 expense lines
Marketing - Product B	210		182		144
Commissions - Product A	140		153		146
Commissions - Product B	300		365		346
Administrative Expense	500		520		550
	Selling and Admin Exp	1,250		1,329		1,381		-	Calculated
Depreciation Expense	100		95		90			Input these 3 expense lines
Rent Expense	50		53		55
Other Operating Exp	30		28		27
	Other Operating Expense	180		176		172		-	Calculated
At least 5 comments to support plan assumptions: