uestion 4 THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-5 Quiz Company reported the following information for the last year Sales Cost of goods sold Gross margin Operating expenses Operating income Income taxes (40%) $4,000,000 2.100.000 1.900.000 1.100.000 800,000 320.000 $490.000 Net income Quiz Company began the year with operating assets of $2,700,000 At year end, operating assets were $2,300.000 Quiz Company's require during the year was $1,400,000 Determine residual income (RI) for the year Note: Give your answer using dollar signs and commas but not decimal points (cents) Example: $12,345 Selected Answer $135.000 out of 20 SED FOR QUESTIONS 1-5 ormation for the last year $4.000.000 2 100 000 1,900,000 1.100.000 800,000 320.000 $480.000 erating assets of $2.700.000 At year end, operating assets were $2,300,000 Quiz Company's required rate of return was 15%, and the cost of capital was 12% Total capital employed year gns and commas but not decimal points (ents)