Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2014.

Cost of Goods Sold $117,000

Inventory $125,000

General & Administrative Expenses $48,000

Net Cash Provided from Financing Activities $48,000

Dividends Paid $16,000

Net Sales $278,000

Selling & Marketing Expense $65,000

Interest Expense $23,000

Income Tax Expense $7,500