JAGUAR Manufacturing reported the following:

Revenue

$$450,000$

Beginning inventory of direct materials, January $1,2015$

$20,000$

Purchases of direct materials

$156,000$

Ending inventory of direct materials, December $31,2015$

$18,000$

Direct manufacturing labor

$21,000$

Indirect manufacturing costs

$42,000$

Beginning inventory of finished goods, January $1,2015$

$40,000$

Cost of goods manufactured

$114,000$

Ending inventory of finished goods, December $31,2015$

$45,000$

Operating costs

$150,000$

Required:

Calculate JAGUAR's operating income. $[$Show work to receive partial credit!$]$