[The following information applies to the questions displayed below.] Advanced Company reports the following information...
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Accounting
[The following information applies to the questions displayed below.] Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.
Units produced this year
31,000
units
Units sold this year
18,600
units
Direct materials
$
15
per unit
Direct labor
$
17
per unit
Variable overhead
$
3
per unit
Fixed overhead
$
155,000
in total
Given Advanced Company's data, and the knowledge that the product is sold for $62 per unit and operating expenses are $260,000, compute the net income under absorption costing.
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