Selling, general, and administrative expenses were $160,600; net sales were $730,000; interest expense was $17,500; research and development expenses were $76,650; net cash provided by operating activities was $193,800; income tax expense was $16,360; cost of goods sold was $401,500. Required: a. Calculate operating income for the period.

OPERATING INCOME$91,250

NET INCOME$57,390

Explanation:

a. Calculation for operating income for the period.

Net sales$730,000

Less: Cost of goods sold($401,500)

Gross profit$328,500

Less Selling, general, and administrative expenses($160,600)

Less: Research and development expenses($76,650)

OPERATING INCOME$91,250

b. calculation for the net income for the period.

Net sales$730,000

Less: Cost of goods sold($401,500)

Gross profit$328,500

Less Selling, general, and administrative expenses($160,600)

Less: Research and development expenses($76,650)

OPERATING INCOME$91,250

Less: Interest expense($17,500)

Less: Tax expense($16,360)

NET INCOME$57,390

Therefore the OPERATING INCOME will be $91,250 while the NET INCOME will be $57,390

answer; (c) penalty

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