Operating data for Navarro Corporation are presented below.20152014Net sales $750000 $600000Cost of goods sold 465000 390000Selling expenses 105000 66000Administrative expenses 60000 54000Income tax expense 36000 27000Net income 84000 63000NAVARRO CORPORATIONCondensed Income StatementsFor the Years Ended December 3120152014AmountPercentAmountPercentNet sales$750000%$600000%Cost of goods sold465000%390000%Gross profit285000%210000%Selling expenses105000%66000%Administrative expenses60000%54000%Total operating expenses165000%120000%Income before income taxes120000%90000%Income taxes expense36000%27000%Net income$84000%$63000%
