At the end of 2019 , Mcknight decides to adjust the manufacturing overhead rate to 170 % of direct labor cost. She explains to the company president that, because overhead was underallocated in 2019 , this adjustment is necessary. Cost information for 2020 follows: Actual direct manufacturing labor, 2020 $930,000 Actual manufacturing overhead costs, 2020 $1,400,000 The ending balances (before proration of under- or overallocated overhead) in each account are as follows: Balance 12/31/2020 Cost of Goods Sold $2,875,840 Finished Goods Control 323,840 Work-in-Process Control 320,320.Thompson Brothers' revenue for 2020 was $ 5 comma 244 comma 000 , and the company's selling and administrative expenses were $ 2 comma 530 comma 000 . Calculate Thompson Brothers' net operating income under the following: Under- or overallocated manufacturing overhead is written off to cost of goods sold