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[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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