Hamilton Company had the following inventory balances at the beginning and end of the year:

Jan. 1 Dec. 31

Raw Material 50,000 $35,000

Work in process 130,000 170,000

Finished Goods 280,000 255,000

During the year, the company purchased $100,000 of raw material and incurred $340,000 of direct labor costs. Other data: manufacturing overhead incurred, $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%. Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine Hamilton's net income.