During the year, net sales were $159,000; gross profit was $67,000; net income was $28,500; income tax expense was $6,700; and selling, general, and administrative expenses were $30,500.

Required:

Calculate cost of goods sold, income from operations, income before taxes, and interest expense.

Net Sales: $159,000

Cost of Goods: $_________

Gross Profit: $67,000

Selling, General, and Administrative Expense: $30,500

Income from operations: $__________

Interest expense: $__________

Income before taxes: $____________ Income tax expense: $6700

Net income: $28,500