X Company had the following inventory balances for 20x1. 0 January 1, December 31, Inventory Classification 20x1 20x1 Raw material $55,000 $75,000 Work in process 110,000 125,000 Finished goods 156,000 During 20x1, the company purchased raw 249,500 material for direct and spent 376,500 labor. Manufacturing overhead costs were as follows: Indirect material $12,000 Indirect labor 22.000 Depreciation on plant and equipment 110,000 Utilities 23.000 Other 35.000 Total $202.000 For the year, sales revenue was $1.215.000 Selling and administrative expenses for the $106.000.00 year was The firm's tax rate is 32 percent Round your answers to the nearest dollar. Fill in the blank without s or comma or period, es 12345 How much net income did X Company report on it's income statement for 20X1