4 Plasencia Corporation is a manufacturer that uses job-order costing. The company closes out any overapplied or underappled overhead to Cost of Goods Sold at the end of the year. The company has supplied the following data for the just completed year, Beginning inventories: Finished goods $ 33,000 Estimated total manufacturing overhead at the beginning of the year $635,500 Estimated direct labor-hours at the beginning of the year 41,000 direct labor-hours Results of operations 42,000 direct labor-hours $ 177,000 $444,000 Actual direct labor-hours Manufacturing overhead: Indirect labor cost Other manufacturing overhead costo incurred Selling and administrative: Selling and administrative salaries Other selling and administrative expenses Cost of goods manufactured Sales revenue Cost of goods sold (unadjusted) $ 280,000 $ 310,000 $1,501,000 $2,704,000 $1,416.000 The net operating income is: (Do not round your intermediate calculations.) Multiple Choice $1,008,000 $1,318,000 $1,038,000 $728.000