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

A company reported the following:

Cost of Goods Sold	$260,000
General, Selling and Administrative Expenses	6,000
Income Tax Expense	4,650
Inventory	31,000
Net Income	71,650
Sales Revenue	350,000
Sales Discounts	4,200
Sales Returns and Allowances	3,500

What is the amount of gross profit?

$82,300

$90,000

$76,300

$77,650