During the year, net sales were $163,000; gross profit was $69,000; net income was $29,500; income tax expense was $6,900; and selling, general, and administrative expenses were $31,500. Required: Calculate cost of goods sold, income from operations, income before taxes, and interest expense. Income Statement Net sales $ 163,000 Cost of goods sold Gross profit $ 69,000 Selling, general, and administrative expenses 31,500 Income from operations Interest expense Income before taxes Income tax expense Net income 6,900 $ 29,500