The following information is for the Choplin Company for the current year:

	December 31	January 1
Raw Materials Inventory	$ 530	$ 540
Work in Process Inventory	$ 540	$ 290
Finished Goods Inventory	$ 450	$ 270
Direct materials used		$ 1,250
Total manufacturing costs charged to production, of which $900 was manufacturing overhead		$ 4,540
Selling and administrative expenses		$ 3,200
Sales revenue		$ 8,900

Required:

(1). What is the cost of materials purchased? (2). What is the cost of goods sold? (3). What is gross profit? (4). What is net profit?