During the year, net sales were $165,000; gross profit was $70,000; net income was $30,000; income tax expense was $7,000; and selling, general, and administrative expenses were $32,000. Required: Calculate cost of goods sold, income from operations, income before taxes, and interest expense. Income Statement Net sales $ 165,000 $ Cost of goods sold Gross profit Selling, general, and administrative expenses Income from operations 70,000 32,000 Interest expense Income before taxes Income tax expense 7,000 30,000 Net income $