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 $26,400 at January 1, 2038 and reported finished goods inventory of $56,200 at December 31, 2038. Ac9-h5Y Company's accounting records indicated the following costs had been incurred during 2038: Depreciation, factory equipment Utilities Sales commissions Indirect materials Depreciation, office equipment Rent, factory building Direct labor Advertising Production supervisor's salary ... $20,400 $25,900 $67,300 $21,200 $22,300 $30,600 $90,000 $62,500 $51,800 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 $577,400 3) Cost of goods manufactured for 2038 was $342,700 Calculate Ac9-h5Y Company's net income for 2038