## Answers

RIVERBED CORP | ||||

Condensed Income Statement | ||||

for the year ended december 31 | ||||

2020 | 2019 | |||

a | b = a / net sales | a | b = a / net sales | |

Net sales | $ 880,000 | 100.0% | $ 540,000 | 100.0% |

Cost of goods sold | $ 618,640 | 70.3% | $ 336,420 | 62.3% |

Gross profit | $ 261,360 | 29.7% | $ 203,580 | 37.7% |

Selling expense | $ 126,720 | 14.4% | $ 64,800 | 12.0% |

Administrative expense | $ 61,600 | 7.0% | $ 39,420 | 7.3% |

Total operating expense | $ 188,320 | 21.4% | $ 104,220 | 19.3% |

Income before income tax | $ 73,040 | 8.3% | $ 99,360 | 18.4% |

income tax expense | $ 30,800 | 3.5% | $ 22,680 | 4.2% |

net income | $ 42,240 | 4.8% | $ 76,680 | 14.2% |

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