Calculating Economic Value Added East Mullett Manufacturing earned operating income last year as shown in the following income statement: Sales $630,000 Cost of goods sold 380,000 Gross margin $250,000 Selling and administrative expense 174,400 Operating income $ 75,600 Less: Income taxes (40%) 30, 240 Net Income $ 45,360 Total capital employed equaled $412,000. East Mullett's actual cost of capital is 8 percent Required: Calculate the EVA for East Mullett Manufacturing 14,080 x