Ac9-hSY 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 $24,500 at January 1, 2038 and reported finished goods inventory of $47, 100 at December 31, 2038. Ac9-h5Y Company's accounting records indicated the following costs had been incurred during 2038: Depreciation, factory equipment $20,200 Utilities ........................... $25,200 Sales commissions . ..... $65,300 Indirect materials ........ $12, 800 Depreciation, office equipment $23,400 Rent, factory building . ...... $30,600 Direct labor ........ .. . . .......r. $90, 000 Advertising ...... .... . . $51,200 Production supervisor's salary ....... .. ..... $62, 400 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 $568, 500 3) Cost of goods manufactured for 2038 was $352,200 Calculate Ac9-h5Y Company's net income for 2038