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Tipton Case Study Essay Preview: Tipton Case Study Report this essay Tipton CaseExhibit 2Income Statement (000s) 1995 1996Net Sales $100,000 = 100,000 *1.25 $125,000 Cost of Goods 79,000 Given 93,750 98,750.00 Gross Profit 21,000 31,250 0.256.50Administrative & Selling Expenses 10,000 = 10,000 * 1.2 12,000 Depreciation 600 Given 600 Miscellaneous 200 Given 220 EBIT 10,200 18,430 Interest – – Earnings Before Taxes 10,200 18,430 Taxes 5,100 = 18,430 * 0.5 9,215.