3. The following data from the just completed year are taken from the accounting records of Sales $ 660,000 Direct labor cost $ 82,000 Raw material purchases $ 130,000 Selling expenses $ 105,000 Administrative expenses $ 40,000 Manufacturing overhead applied to work in process $ 200,000 Actual manufacturing overhead costs $ 225,000 Inventories Raw materials Work in process Finished goods Beginning Ending $ 8,000 $ 10,000 $ 5,000 $ 20,000 $ 80,000 $40,000 How much is the company's net operating income as reported in its income statement? a. $75,000 b. $45,000 c. $55,000 d. $40,000 e. None of the above