During the past year, the company's financial results reflected the following:

Selling, general, and administrative expenses of $200,000

Net sales of $1,200,000

Interest expense of $100,000

Research & development expense of $50,000

Cost of goods sold of $800,000

Income tax expense of $17,500

1. Calculate gross profit $ for the year.

2. Calculate gross profit % for the year.

3. Calculate operating income $ for the year.

4 Calculate net income $ for the year.