Shown below are selected data from the financial statements of Supreme Co. Dollar amounts are in millions (except for the per share data). Income statement data: Net sales $ 1,230 Cost of goods sold $ 520 Operating expenses $ 440 Net income $ 390 Balance sheet data: Average total equity $ 2,400 Average total assets $ 4,000 Supreme reported earnings per share for the year of $4 and paid cash dividends of $1 per share. At year-end, the Wall Street Journal listed Supreme's capital stock as trading at $88 per share.

What was Supreme's operating income (in millions)?

Multiple Choice

$390

$710

$520

$270