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  3. abc corp. reported net income of $63,000 for 2011

ABC Corp. reported net income of $63,000 for 2011 and had a tax rate of...

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Accounting

ABC Corp. reported net income of $63,000 for 2011 and had a tax rate of 30%. Net sales were $300,000 and Operating expenses were $90,000 for the year. Assuming there were no other revenues and expenses, what did ABC report for cost of goods sold for 2011? The answer is 120,000 but could you please give detailed solution? Thank you very much sir!

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