The IS-39775 company reports the following information for last year: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories Ending $ 655,000 $ 87,000 $ 138,000 $ 109,000 $ 46,000 $ 229,000 $ 208,000 Raw materials Work in process Beginning $ 8,200 $ 10,700 $ 5,700 $ 20,200 $ 78,000 $ 25,700 Finished goods The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the operating income for last year? O $31,700 O $ 56,700 O $ 10,700 O $ 46,000