K Inc. has provided the following data for the month of May: Inventories:

Beginning Ending
Work in process $ 31,000 $ 26,000
Finished goods $ 60,000 $ 64,000

Additional information:

Direct materials $ 71,000
Direct labor cost $ 101,000
Manufacturing overhead cost incurred $ 77,000
Manufacturing overhead cost applied to Work in Process $ 75,000

Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.

The cost of goods manufactured for May is:

Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $360,000; cash paid for rent, $44,000; cash paid to employees for services rendered during the year, $124,000; cash paid for utilities, $54,000.in addition, you determine that customers owed the company $64,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,400 at year-end, and the rent payment was for a two-year period.calculate accrual net income for the year.