Classic Coolers manufactures portable coolers adorned with college logos. During the first quarter of the year, the company had the following costs:

Direct materials used ............$56,000

Direct labor ................. 38,000

Factory rent ................. 24,000

Factory equipment depreciation ......... 10,000

Office equipment depreciation ........ 1,400

Marketing expenses ............. 5,500

Administrative expenses ........... 12,000

The company began the year with no work in process and no finished goods inventory. Although 8,000 units were started and finished during the quarter, just 5,300 were sold, for an average price of $25 each.

Required

Calculate Classic Coolers’ net income for the first quarter.