A company has net sales of $906,000 and cost of goods sold of $601,000. Its net income is $108,400. The company's gross profit and operating expenses, respectively, are: Multiple Choice $305.000 and $196,600 $305,000 and $406,200 $196,600 and $108,400 $305,000 and $108,400 Multiple Choice $305,000 and $196,600 5 $305,000 and $406,200 $196,600 and $108,400 $305.000 and $108,400 O $709,400 and $196,600