The following data pertain to a recent period's operations:

	Sales..........................................................	?
	Beginning finished goods inventory.........	$12,000
	Cost of goods manufactured.....................	$36,000
	Ending finished goods inventory..............	$6,000
	Cost of goods sold....................................	?
	Gross margin.............................................	40% of Sales
	Administrative and selling expenses.........	$10,000
	Net operating income................................	?

Net operating income was:

	a.	$18,000
	b.	$10,000
	c.	$14,000
	d.	$46,000