You will create an Income Statement for the Question. Keep in mind the following: 1. Start with total revenue, and subtract cost of goods sold to calculate gross margin. 2. Subtract total expenses from gross margin to calculate net profit. Your task is to create an income statement for a company that had the following results last period. Consumer promotion $1, 800, 000 5 sales people @ $80,000 each $1,200, 000 Product Development $700, 000 Units Sold 100,000 Unit Cost $40 Personal Selling Price $90 Dealer Promotions Advertising $1,500,000 INCOME STATEMENT (units sold * price) (units sold * unit cost) (revenue- cost of goods sold) Revenue Cost of Goods Sold Gross Margin: EXPENSES Total Expenses: (sum expenses) NET PROFIT (gross margin-total expenses)