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:
Spot Market
A public financial market in which commodities or financial instruments are traded for immediate delivery and payment.
Expected Inflation
The predicted average increase in prices across the economy over a specified period.
Purchasing Power Parity
An economic theory that compares different countries' currencies through a "basket of goods" approach to determine the relative value of the currencies.
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