Hendrix & Franks Co. had the following beginning and ending inventory balances for the current year ended December 31: January I December 31 s 8,800 18,700 Materials $11,000 Work in Process 19,800 Finished Goods 23,100 18,150 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of S5.25 per unit. What was the operating income (loss) for the year? O $18,500 O $125,000 O $3,025 O $2,000