X Company had the following inventory balances for 20x1.
Inventory Classification		January 1, 20x1		December 31, 20x1
Raw material		$55,000		$75,000
Work in process		110,000		125,000
Finished goods		0		148,000
During 20x1, the company purchased raw material	259,500
and spent	501,500	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	23,000
Other	42,000
Total	$209,000
For the year, sales revenue was	$1,215,000
Selling and administrative expenses for the year was		$106,000.00
The firms tax rate is	33	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?
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