Below is financial statement information for Earth Co. for year 2016 in US$ December 31, 2016 Cash $ 65,000 Inventory 32,500 Sales 189,200 (5 Marks) Cost of goods sold 144,300 Operating expenses 12,600 The following price level indexes were observed during the year: Price Index December 31, 2016 135 2016 average 125 December 31, 2015 100 Replacement cost of inventory +25% Additional information: no inventory purchased during 2016 Instructions: calculate the following for the year ended 31/12/2016 a. Adjusted operating income b. Adjusted net income c. Replacement cost based adjusted operating income