Q566--77..: What is the net income of ABC Company for the year 2023, given the following information?

ABC Company is a manufacturing firm that produces and sells widgets. The companys sales revenue for the year 2023 was $500,000. The companys cost of goods sold (COGS) for the year 2023 was $300,000. This includes the direct materials, direct labor, and manufacturing overhead costs incurred to produce the widgets. The companys selling and administrative expenses for the year 2023 were $100,000. This includes the salaries, commissions, advertising, and other costs related to selling and managing the business. The companys income tax rate for the year 2023 was 25%.