Calculation of Net Income

Classic Coolers manufactures portable coolers adorned with college logos. During the first quarter of the year, the company had the following costs:

Direct materials used   $56,000

Direct labor   38,000

Factory rent   24,000

Factory equipment depreciation   10,000

Office equipment depreciation   1,400

Marketing expenses   5,500

Administrative expenses   12,000

The company had no beginning or ending work in process inventory and no beginning finished-goods inventory. Although 8,000 units were started and finished during the quarter, just 5,300 were sold, for an average price of $25 each.

Required

Calculate Classic Coolers' net income for the first quarter.