X Company had the following inventory balances for 20x1. December 31, 20x1 $75,000 125,000 152,500 January 1, Inventory Classification 20x1 Raw material $55,000 Work in process 110,000 Finished goods 0 During 20x1, the company purchased raw 239,500 material and spent 256,500 for direct labor. Manufacturing overhead costs were as follows: Indirect material $12,000 Indirect labor 22,000 Depreciation on plant and equipment 110,000 Utilities 25,000 Other 35,000 Total $204,000 For the year, sales revenue was $1,210,000 Selling and administrative expenses for the year was $105,000.00 The firm's tax rate is 30 percent. Round your answers to the nearest dollar. Fill in the blank without $ or comma or period, e.g., 12345 How much net income did X Company report on it's income statement for 20X1? [1]