3. The company used direct materials costing $96,000 and incurred direct labor cost of $56,300. Overhead totaled $310,500. Information on the beginning and ending inventory are as follows: Work in process Finished Goods Beginning Ending $25,800 $61,000 $68,500 98,600 Salary for administrative staff $36,000 Rent on Administrative building 7,000 Net Sales 997,000 From the information above determine: 1. Cost of goods manufactured 2. Cost of goods sold 3. Gross Profit (also called Gross Margin) 4. Net income