Question 4 (3 points) A firm has net income of $480,000, cost of goods sold of $7 million and sales of $10 millio Its interest expense is $100,000 and it's tax rate is 40%. This means that gross profit is $3 million and the operating profit is $600,000. gross profit is $3 million and its earnings before taxes is $480,000 earnings before taxes is $480,000 and operating profit is $580,000. earnings before taxes is $800,000 and operating profit is $900,000 None of the above Previous Page Next Page Page 4 of 3