Selling, general, and administrative expenses were $99,000; net sales were $460,000; interest expense was $10,500; research and

Question:

Selling, general, and administrative expenses were $99,000; net sales were $460,000; interest expense was $10,500; research and development expenses were $47,200; net cash provided by operating activities was $118,800; income tax expense was $11,400; cost of goods sold was $247,500.

Required:

a. Calculate operating income for the period.

b. Calculate net income for the period.

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