Tour Brief Exercise 15-29. Calculating the Times-Interest-Earned Ratio Objective 4 Example 15.6 Alessandra Makeup Manufacturers provided the following income statement for last year: Sales $51,350,000 Cost of goods sold 19,250,000 Gross margin $32,100,000 Operating expenses Operating income Interest expense 6,200,000 $25,900,000 9,500,000 $16,400,000 Income before taxes Income taxes 6,560,000 Net income $ 9,840,000 tations Details Required: Calculate the times-interest-earned ratio. (Note: Round the answer to one decimal place.)