Mon Inc. reported the following data for the month of January: Inventories: 1/1 1/31 Raw materials $32,000 $31,000 Work in process $18,000 $12,000 Finished goods $30,000 $35,000 Additional information: Sales revenue Direct labour costs $210,000 40,000 Manufacturing overhead costs 70,000 Selling expenses Administrative expenses 25,000 35,000 Assume that cost of goods sold for January was $124,000. The net income for January was: a. $51,000. O b. $61,000. O c. $25,000. d. $26,000.