Newton Corporation entered into the following transactions during its first year of operations. (Assume all transactions involve cash.)

1) Acquired $1,600 of capital from the owners.

2) Purchased $360 of direct raw materials.

3) Used $260 of these direct raw materials in the production process.

4) Paid production workers $460 cash.

5) Paid $260 for manufacturing overhead (applied and actual overhead are the same).

6) Started and completed 250 units of inventory.

7) Sold 110 units at a price of $6 each.

8) Paid $100 for selling and administrative expenses.

The amount of net income for the year was:

Multiple Choice

$128.80.

$95.00.

$110.00.

$120.00.