Morgan Photography’s markup on its antique picture frames is 35% of selling price. Its cost on the..

Morgan Photography’s markup on its antique picture frames is 35% of selling price. Its cost on the medium-size antique frame is $115.70. For portrait photos shot by Morgan’s, this frame’s price is reduced to $133.50. What is Morgan’s operating profit or loss at this price if overhead expenses are 20% of the regular selling price?