Income statements are presented for the Elf Corporation for the three years ending December

| March 31, 2017

Question
(In million) 2016 2015 2014

Sales $700 $650 $550

Cost of goods sold 350 325 275

Gross profit $350 $325 $275

Operating expenses:

Administrative 100 100 100

Advertising and marketing 50 75 75

Operating profit $200 $150 $100

Interest expense 70 50 30

Earnings before tax $130 $100 $70

Tax expense 65 50 35

Net income $65 $50 $35

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