Lennox Limited Reported Sales of $5,000,000, Cost of Goods Sold

Multiple Choice

Lennox Limited reported sales of $5,000,000, cost of goods sold of $3,200,000, operating expenses of $1,400,000, and income tax expense of $160,000 for the year.What was their net income for the year?

A) $240,000
B) $400,000
C) $1,800,000
D) $3,200,000