Exercise 12-8 Calculating ROI

For fiscal year 2017, LaundryMate Products had income as follows:

Sales

$ 55,000,000

Less:

Cost of goods sold

$ 38,400,000

Selling and administrative expense

5,700,000

Interest expense

1,000,000

45,100,000

Income before taxes

9,900,000

Less income taxes

3,465,000

Net income

$

6,435,000

Other pertinent information for 2017 follows:

Total assets

$ 97,000,000

Noninterest-bearing current liabilities

3,200,000

Required rate of return on invested capital

10

i need to calculate ROI