1. Consider the following information:
   1. Cost of goods sold: $200,000
   2. Income tax expense: $12,000
   3. Research and development expenses: $42,000
   4. Interest expense: $9,000
   5. Net Sales: $702,000
   6. Selling, general, and administrative expenses: $121,000

Calculate operating income for the period.

Calculate net income for the period.