A business operated at 100% of capacity during its first month, with the following results:

Sales (108 units)		$475,200
Production costs (135 units):
Direct materials	$64,211
Direct labor	16,394
Variable factory overhead	28,690
Fixed factory overhead	27,325	136,620
Operating expenses:
Variable operating expenses	$6,394
Fixed operating expenses	4,812	11,206

What is the amount of the income from operations that would be reported on the absorption costing income statement?

a. $475,065

b. $354,697

c. $376,558

d. $381,370