A company wants to evaluate the effects of a reduction in material cost of 7% and an increase in sales of 16% on a product with the following current characteristics: labor costs of $1,350,000, material costs of $4,900,000, overhead of $650,000, and sales of $7,200,000. What are the effects on net income with a 7% reduction in material costs? What is the effect with a 16% increase in sales? The change in net income due to the reduction in material costs is $ (Enter your response as a whole number.) The change in net income after the 16% increase in sales is $ (Enter your response as a whole number.)