ABC Ltd. had the following information for the year 2022:

• Sales revenue: $1,000,000
• Beginning inventory: $50,000
• Ending inventory: $40,000
• Purchases: $300,000
• Purchase returns and allowances: $5,000
• Sales returns and allowances: $20,000
• Freight-in: $10,000
• Operating expenses: $200,000
• Income tax rate: 25%
• Gross profit margin: 40%

Using the periodic inventory system and the weighted average cost method, calculate the net income for the year 2022.