Bunnell Corporation is a manufacturer that uses job-order costing. On January 1, the companys inventory balances were as follows: Raw materials$61,500Work in process$32,400Finished goods$42,900 The company applies overhead cost to jobs on the basis of direct labor-hours. For the current year, the companys predetermined overhead rate of $13.75 per direct labor-hour was based on a cost formula that estimated $550,000 of total manufacturing overhead for an estimated activity level of 40,000 direct labor-hours. The following transactions were recorded for the year: Raw materials were purchased on account, $514,000.Raw materials used in production, $468,200. All of the raw materials were used as direct materials. The following costs were accrued for employee services: direct labor, $500,000; indirect labor, $150,000; selling and administrative salaries, $309,000.Incurred various selling and administrative expenses (e.g., advertising, sales travel costs, and finished goods warehousing), $449,000.Incurred various manufacturing overhead costs (e.g., depreciation, insurance, and utilities), $400,000.Manufacturing overhead cost was applied to production. The company actually worked 41,000 direct labor-hours on all jobs during the year. Jobs costing $1,459,350 to manufacture according to their job cost sheets were completed during the year. Jobs were sold on account to customers during the year for a total of $2,985,000. The jobs cost $1,469,350 to manufacture according to their job cost sheets.15. What is the net operating income for the year?