Mini$-$Exercise $2-3($Static$)$ Understanding income statement relationships LO $2-2,2-3$

During the year, net sales were $$400,000$; gross profit was $$160,000$; net income was $$60,000$; income tax expense was $$15,000$; and selling, general, and administrative expenses were $$73,000.$

Required:

Calculate cost of goods sold, income from operations, income before taxes, and interest expense.

$\backslash$table$[[$Income Statement,$],[$Net sales,$$,400,000],[$Cost of goods sold,,$240,000],[$Gross profit,$$,160,000],[$Selling$,$ general, and administrative expenses,,$73,000],[$Income from operations,,$87,000],[$Interest expense,,$],[$Income before taxes,,$],[$Income tax expense,,$15,000],[$Net income,$$,60,000]]$