The following is extracted from the records of a manufacturing company for last year:

Sales	600,000
Inventory of direct materials as of 1st of January	39,000
Purchases of direct materials	158,000
Inventory of direct materials as of 31st of December	19,000
Direct manufacturing labour	28,000
Indirect manufacturing costs	45,000
Inventory of finished goods as of 1st of January	47,000
Cost of goods manufactured	121,000
Inventory of finished goods as of 31st of December	33,000
Selling and administrative costs	119,000

What is the companys operating income?

	a.	177,000
	b.	None of the above
	c.	346,000
	d.	95,000