Company: Intel Corporation Intel Corporation, a leading semiconductor manufacturer, uses a job order costing system. For a specific production order, the company incurred the following costs:

• Direct materials: $50,000
• Direct labor: $30,000
• Manufacturing overhead applied: $20,000 In addition, the company allocates $5,000 of selling and administrative expenses to each production order. If the selling price of the product is $150,000, calculate the gross profit and gross profit percentage.