Diamond Design Company makes custom chairs for individual customers.On September 1, there was one job in process, Job 243, with a cost of $2,000.Jobs 244, 245, and 246 were started during the month of September.Data on costs added during the month are as follows: 
Overhead is applied to production at the rate of 60% of direct labor cost.Job 245 was completed on September 14 and the client was billed at cost plus 40%.All other jobs remained in process.
If selling and administrative expenses for the month of September equaled $ 1,000, what is operating income for the month of September?
Definitions:
Spot Rate
The present cost at which a specific asset like a commodity, currency, or security is available for purchase or sale with immediate delivery.
Net Present Value
A financial metric that calculates the value of a project or investment by discounting future cash flows back to their present value to assess profitability and risk.
Inflation Rate
The rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling, usually measured over a year.
Spot Rate
The current market price used for immediate delivery of a financial instrument or commodity.
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