The Purple Corporation incurred the following transactions during its first year of operations. (Assume all

transactions involve cash).

1) Acquired $1,000 of capital from the owners.

2) Purchased $400 of direct raw materials.

3) Used $300 of these direct raw materials in the production process.

4) Paid production workers $400 cash.

5) Paid $200 for manufacturing overhead (applied and actual overhead are the same).

6) Started and completed 200 units of inventory.

7) Sold 50 units at a price of $6 each

8) Paid $40 for selling and administrative expenses.

As a result of the above transactions, what is the amount of Net Income for Purple Company