he following information, determine the following calculations. Show the detail of how you calculated each answe Given t Direct Labor Incurred $61,000 Manufacturing Overhead Incurred 176,500 Direct Materials Used 154,000 Finished Goods Inventory, Jan. 1 Finished Goods Inventory, Dec. 31 Work-in-Process Inventory, Jan. 1 Work-in-Process Inventory, Dec. 31 Revenue from Sales 198,000 98,500 222,000 109,000 975,000 Selling and Administrative Expenses 125,000 3. Calculate Net Income