Question: On July 1, the Leeann Merchandising Corporation had 9,000 keyboards in inventory. Each keyboard had cost the Corporation $12. During July, the Corporation purchased 45,000 additional keyboards at a cost of $12 each. During July the company sold 47,000 keyboards at a price of $26 each. The company's operating expenses for July were $297,000 and its expected income tax rate was 35% of income before taxes. Determine the Corporation's July net income.
a. $564,000
b. $234,650
c. $1,222,000
d. $250,250