ABC Ltd. incurred the following costs while manufacturing its product. Materials used in product 120000 Depreciation on plant 60000 Property taxes on store 7500 Labor costs of assembly line workers 110000 Factory supplies used 23000 Advertising expense 45000 Property taxes on plant 14000 Delivery expense 21000 Sales commissions 25000 Salaries paid to sales clerks 45000 Sales Revenue 496000 Sales Discount 12900 Work in process inventory was 12000 at January 1 and 15500 at December 31. Finished goods inventory was 60000 at January 1 and 45000 at December 31. Compute net profit.