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During its first year of operations, the McCormick Company incurred the following manufacturing costs: ...

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Accounting

During its first year of operations, the McCormick Company incurred the following manufacturing costs:
\table[[Direct materials,$4 per unit],[Direct labor,$3 per unit],[Variable overhead,$3 per unit],[Fixed overhead,$342,000 per year]]
The company produced 38,000 units, and sold 29,500 units, leaving 8,500 units in inventory at year-end. Income calculated under variable costing is determined to be $410,000. How much income is reported under absorption costing?
Multiple Choice
$752,000
$486,500
$401,000
$333,500
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