The manager of the Wales division of Pieces and Clothing, Inc., is considering making an investment to expand operations. The investment has the following projections: Revenues = $100,000 Cost of goods sold = $60,000 Operating expenses = $25,000 Income taxes = $5,000 Investment = $180,000 The required rate of return is 8%. The manager has a personal preference to not make the investment, and is about to make a presentation about the investment to upper management. Which of the following is true? 1. The manager will use net income after taxes as the profit measure, but not net income before taxes. 2. The manager will not use either net income amount as the profit measure. 3. The manager will use net income before taxes as the profit measure, but not net income after taxes. 4. The manager will use either net income before taxes or net income after taxes as the profit measure