Lone Star, Incorporated, reported sales of $560,000, cost of goods sold of $275,000, and operating expenses of $130,000 for the current year. Using this information, calculate the amount of net income and net income as a percentage of sales.
Options:
a. Net Income: $155,000, Net Income Percentage: 27. 7%
b. Net Income: $155,000, Net Income Percentage: 11. 6%
c. Net Income: $295,000, Net Income Percentage: 52. 7%
d. Net Income: $295,000, Net Income Percentage: 19. 6%