Exercise 12-8

For fiscal year 2017, Oak Ridge Products had income as follows:

\fSales $ 55, 500, 000 LESS . Cost Of goods sold 38, 400, 000 Selling and administrative EXPENSE 5, 510, 000 Interest EXPENSE 1, 010,000 INCOME BEFORE LOVES 10, 180, 000 LESS INCOME LAKES Net income $ 5, 812, 000