Zoolander Inc. manufacturers high end fashion accessories and has provided the following data for the latest quarter ended March 31st:

Cost of Goods Manufactured	$197,300
Cost of Goods Sold	$163,750
Property insurance paid on factory	$4,500
Utilities for the factory	$9,000
Indirect materials used in production	$3,000
Sales Revenue	$650,000
Operating Expenses	$205,000

Calculate gross profit for Zoolander Inc.'s first quarter.

		$445,000
		$452,700
		$486,250
		$281,250