The following information is to be used for questions 5 to 8:

The following data (in thousands of dollars) have been taken from the accounting records of Karling Corporation for the year just ended.

Sales$990

Raw materials inventory, beginning$40

Raw materials inventory, ending$70

Purchases of raw materials$120

Direct labour$200

Manufacturing overhead$230

Administrative expenses$150

Selling expenses$140

Work-in-process inventory, beginning$70

Work-in-process inventory, ending$50

Finished goods inventory, beginning$120

Finished goods inventory, ending$160

What was the net income (in thousands of $) for the year?