Using the Below Data:

A: Prepare an Income Statement using the information given below. Make sure to identify Gross Pofit, Operating Income, and Net Income.

B: Calculate the P/E Ratio

Inventories	$ 50,000
Cost of Goods Sold	$ 250,000
Administrative Expenses	$ 50,000
Accumulated Depreciation	$ 150,000
Sales	$ 600,000
Depreciation Expense	$ 25,000
Selling Expense	$ 150,000
Common Stoock Dividends	$ 8,000
Interest Expense	$ 8,000
Corporate Tax Rate	40%
Cmmon Stock Shares	100,000
Current Stock Market Price	$ 19.50

A: Income Statement (Show all Work to Receive Credit)