The following information was reported on the income statement of Cannondale in one of its early years of operation. Sales revenues, $450,000; Cost of goods sold, $200,000; Selling, general, and administrative, $150,000; Interest expense, $30,000. Cannondale's gross profit and operating income would be: Gross profit Operating income
a. $100,000 $70,000
b. $250,000 $70,000
c. $300,000 $70,000
d. $250,000 $100,000