The following events took place at a manufacturing company over the past year:

* Incurred direct labor costs of $47,000

* Purchased manufacturing equipment for $75,000

* Purchased direct materials for $176,000

* Incurred manufacturing overhead of $81,000

* Transferred 73% of the direct materials to Work in Process

* Completed work on 85% of the goods in Work in Process.

* Sold 90% of the completed goods

* Marketing and administrative costs were $85,000

* Sales revenues were $400,000

* There were no beginning balances in any of the inventory accounts.

What is the companys net income?