The IS-65667 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 Ending $ 657,000 $ 85,000 $ 132,000 $ 106,000 $ 48,000 $ 225,000 $ 204,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,000 $ 10,300 $ 5,700 $ 20,300 $ 72,000 $ 25,800 The company closes out any underapplied or overapplied overhead to Cost of Goods Sold. What was the IS-65667 company's net operating income for last year? $31,700 $ 61,000 $52,700 $ 79,700