1. Information from the records of Place, Inc., for December 2011 is as follows: Sales Selling and administrative expenses Direct materials purchases $820,000 140,000 176,000 Direct labor Factory overhead Direct materials, December 1 Work in process, December 1 Finished goods, December 1 Direct materials, December 31 Work in process, December 31 Finished goods, December 31 200,000 270,000 24,000 50,000 46,000 28,000 56,000 38,000 Net income for the month of December is: