I can't figure out where the answers come from or how to calculate. The Canton Corporation shows the following income statement. The firm uses FIFO inventory accounting. CANTON CORPORATION Income Statement for 2010 Sales $292,250 (16,700 units at $17.50) Cost of goods sold 175,350 (16,700 units at $10.50) Gross profit 116,900 Selling and administrative expense 17,535 Depreciation 17,500 Operating profit 81,865 Taxes (30%) 24,560 After tax income 57,305 (a) Assume in 2011 the same 16,700-unit volume is maintained, but the sales price increases by 10 percent. Because of FIFO inventory policy, old inventory will still be charged off at $10.50 per unit. Also assume selling and administrative expense will be 6 percent of sales and depreciation will be unchanged. The tax rate is 30 percent. Compute after tax income for 2011. (Round your answer to the nearest whole number. Omit the "$" sign in your response.) After tax income $ ___________________ (b) In part a, by what percent did after tax income increase as a result of a 10 percent increase in the sales price? (Round your answer to 2 decimal places. Omit the "%" sign in your response.) Gain in after tax income ______________________% (c) Now assume that in 2012 the volume remains constant at 16,700 units, but the sales price decreases by 15 percent from its year 2011 level. Also, because of FIFO inventory policy, cost of goods sold reflects the inflationary conditions of the prior year and is $11.00 per unit. Further, assume selling and administrative expense will be 6 percent of sales and depreciation will be unchanged. The tax rate is 30 percent. Compute the after tax income. (Round your sales price to 2 decimal places and final answer to the nearest dollar amount. Omit the "$" sign in your response.) After tax income __________________________