REQUIRED: In order to receive full credit, make sure to show the details of your calculation. To complete the assignment, you can choose from using the text entry (Start Assignment) blue box in upper right, a word document, or excel spreadsheet.  

Using the information provided below, compute the following: 

           •           Compute Gross Profit

           •           Compute Operating Profit

           •           Compute Net Income

Selling, General, and Administrative Expenses

 $       302,400

Sales

 $       980,000

Depreciation Expense

 $         40,000

Cost of Goods Sold 

 $       516,000

Interest Revenue

 $         86,000

Interest Expense

 $         18,000

Income Tax

 $         30,600

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