Atlas Inc. uses a standard costing system. Atlas's year ending balances at December 31, 2015 are shown here: 
Calculate standard net operating income of the company for the year ended.
Definitions:
Minimum-Wage Law
Legislation that establishes the lowest hourly wage that employers can legally pay their workers.
Equilibrium Wage
The wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers.
Labor Supplied
The total number of hours that workers are willing and able to work at a given wage rate.
Minimum Wage
The lowest legal wage that employers can pay to workers, aimed at protecting workers from unduly low pay.
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