Chicago Office Equipment manufactures and sells metal shaving. It began operations on January 1, 2017.

Revenues in 2017 were $488,400. The selling price per unit and the purchase price per pound of direct materials were stable throughout the year. The company's ending inventory of finished goods is carried at the average unit manufacturing cost for 2017. Finished-goods inventory at December 31, 2017, was $18,900.

Costs incurred for 2017 are as follows (V stands for variable; F stands for fixed):

Direct materials used	$144,000	V
Direct manufacturing labor costs	40,000	V
Plant energy costs	2,000	V
Indirect manufacturing labor costs	17,000	V
Indirect manufacturing labor costs	15,000	F
Other indirect manufacturing costs	11,000	V
Other indirect manufacturing costs	23,000	F
Marketing, distribution, and customer-service costs	122,000	V
Marketing, distribution, and customer-service costs	49,000	F
Administrative costs	59,000	F

Variable manufacturing costs are variable with respect to units produced. Variable marketing, distribution, and customer-service costs are variable with respect to units sold.

Inventory data are as follows:

	Beginning:		Ending:
	January 1, 2017		December 31, 2017
Direct materials	0 lbs		1,900 lbs
Work in process	0 units		0 units
Finished goods	0 units		? units

Production in 2017 was 120,000 units. Two pounds of direct materials are used to make one unit of finished product.

1.	Calculate direct materials inventory, total cost, December 31, 2017
2.	Calculate finished-goods inventory, total units, December 31, 2017
3.	Calculate selling price in 2017
4.	Calculate operating income for 2017