Calculation of Net Income

Classic Coolers manufactures portable coolers adorned with college logos. During the first quarter of the year, the company had the following costs:

Direct materials used $56,000 Direct labor 38,000 Factory rent 24,000 Factory equipment depreciation 10,000 Office equipment depreciation 1,400 Marketing expenses 5,500 Administrative expenses 12,000

The company had no beginning or ending work in process inventory and no beginning finished-goods inventory. Although 8,000 units were started and finished during the quarter, just 5,300 were sold, for an average price of $25 each.

Required

Calculate Classic Coolers' net income for the first quarter.