Industrial Engineering problems of Income Statement

2. Income Statement; Profit Percentage. The Industrial Engineering Inc. a Manufacturing Company submits the following information on December 31, 20xx

Sales for the year: $314,000

Inventories at the beginning of the year:
Work in process :               $4,600
Finished goods:                   $5,900
Purchases of materials for the year: $140,000

Materials inventory:
Beginning of the year:                    $3,800
End of the year:                             $4,300
Direct labor:                                $67,350
Factory overhead : one half of the labor cost
Inventories at the end of the year:
Work in process:                       $6,200
Finished goods:                         $9,270
Other expenses for the year:
Marketing expenses :                     $23,115
Administrative expenses :              $ 1 7,650


Required: (1) Prepare an income statement for the year ended December 31, 20xx
(2) The percentage of net income to sales, before income taxes.