In 2016, Timmers, Inc. (a retail clothing company) sold 18,245,000 units of its product at an average price of

$32.00 per unit. The company reported

estimated returns and allowances in 2016 of 1.5 percent of gross

revenue. Timmers actually purchased 19,460,000 units of its product from its manufacturer in 2016 at an

average cost of $18.00 per unit. Timmers began 2016 with 4,825,000 units of its product

in inventory (carried

at an average cost of $18.00 per unit). Operating expenses (excluding depreciation) for Timmers, Inc. in 2016

were $112,500,000 and depreciation expense was $17,500,000. Timmers had $412,000,000 in debt

outstanding throughout all of

2016. This debt carried an average interest rate of 5 percent. Finally, Timmers’

tax rate was 40 percent. Timmers’ fiscal year runs from January 1 through December 31. Given this

information, compute net income for Timmers for 2016