Ac9-h5Y Company applies overhead costs to products using a pre-determined rate of 140% of direct labor cost. Ac9-h5Y Company reported finished goods inventory equal to $28,200 at January 1, 2038 and reported finished goods inventory of $53,500 at December 31, 2038. Ac9-h5Y Company's accounting records indicated the following costs had been incurred during 2038: Depreciation, factory equipment ............. $20,600 Utilities ................................... $25,600 Sales commissions ........................... $67,200 Indirect materials .......................... $21,100 Depreciation, office equipment .............. $22,600 Rent, factory building ...................... $30,500 Direct labor ................................ $90,000 Advertising ................................. $62,200 Production supervisor's salary .............. $51,700 The following additional information is available for Ac9-h5Y Company: 1) 60% of the utilities relate to the factory and 40% of the utilities relate to the office building 2) Sales revenue for 2038 amounted to $577,800 3) Cost of goods manufactured for 2038 was $342,200 Calculate Ac9-h5Y Company's net income for 2038.