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9.2 Selling, general, and administrative expenses were $99,000; net sales were $460,000; interest expense was $10,500;...

9.2 Selling, general, and administrative expenses were $99,000; net sales were $460,000; interest expense was $10,500; research and development expenses were $47,200; net cash provided by operating activities was $118, 800; income tax expense was $11,400; cost of goods sold was $247,500. A)calculate operating income for the period. B) calculate net income for the period.

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Answer #1
Net sales $460,000
(Less): Cost of goods sold ($247,500)
Gross profit $212,500
(Less): Selling, general, and administrative expenses ($99,000)
(Less): Research and development expenses ($47,200)
Operating income $66,300
(Less): Interest expense ($10,500)
(Less): Tax expense ($11,400)
Net Income $44,400
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