A company has net sales of $915,000 and cost of goods sold of $607,000. Its net income is $109,500. The company's gross margin and operating expenses, respectively, are: Multiple Choice $308,000 and $410,500 $308,000 and $109,500 $308,000 and $198,500 $716,500 and $198,500 $198,500 and $109,500