[The following information applies to the questions displayed below.]

A company reported the following:

Cost of Goods Sold	$244,000
General, Selling and Administrative Expenses	11,000
Income Tax Expense	9,850
Inventory	14,500
Net Income	87,400
Sales Revenue	360,000
Sales Discounts	4,700
Sales Returns and Allowances	3,050

What is the amount of gross profit?

$98,400

$116,000

$108,250

$97,250