Crane Inc. has annual sales of $$40$ million. Direct material costs are $$16$ million, direct labor costs are $$10$ million and overhead costs amount to $$10$ million. This leaves $$4$ million in profit annually. The company completed negotiations with a first tier supplier to reduce direct material costs by $$1$ million annually. If all other costs remain the same, how much profit will the company gain in this negotiation? $($Provide percentage and dollar amount in your answer$).$ Answer to include comparison of all costs and profit amounts.