Question 5 1 pts ABC Company is a manufacturing firm. At the beginning of July, ABC had a total inventory balance of $71,000. During the month of July, ABC had the following transactions. Purchased raw materials costing $10,000 Paid office staff salaries of $5,000 Paid production staff salaries of $3,000 Purchased office equipment costing $14,000 Purchased production equipment costing $41,000 Recognized $4,000 depreciation on the office equipment Recognized $6,000 depreciation on the production equipment Sold $48,000 worth of finished goods for $104,000 cash Assume all transactions, except depreciation, are for cash. What is ABC Company's Net Income or Loss for July? $76,000 $56,000 $28,000 $47.000