Please calculate the Gross profit and Net income. Net Sales $20,000,000 Cost of Goods Sold 16,000,000 Gross Profit $4,000,000 Selling Expense $1,500,000 General &Administrative Expenses 1,000,000 Total Operating Expenses 2,500,000 Earnings before Interest and Taxes(EBIT) $1,500,000 Interest Expense 500,000 Earnings before Taxes $1,000,000 Income Taxes (at 30%) 300,000 Net Income $700,000