Gamma Manufacturing eamed operating Income last year as shown in the following income statement: Sales $3,750,000 Cost of goods sold 2,250,000 Gross margin $1,500,000 Seling and administrative expense 1,200,000 Operating income $ 300,000 Less: Income taxes (40%) 120,000 Net Income $ 180,000 At the beginning of the year, the value of operating assets was $1,600,000. At the end of the year, the value of operating assets was $1,400,000, Total capital employed equaled $1,200,000. Gamma's actual cost of capital is 4%. $120.000 5252,000 $340,000 O $132,000 Gamma Manufacturing eamed operating Income last year as shown in the following income statement: Sales $3,750,000 Cost of goods sold 2,250,000 Gross margin $1,500,000 Seling and administrative expense 1,200,000 Operating income $ 300,000 Less: Income taxes (40%) 120,000 Net Income $ 180,000 At the beginning of the year, the value of operating assets was $1,600,000. At the end of the year, the value of operating assets was $1,400,000, Total capital employed equaled $1,200,000. Gamma's actual cost of capital is 4%. $120.000 5252,000 $340,000 O $132,000