A manufacturing company produces and sells a single product. The company provided the following information for the year:

• Sales revenue: $500,000
• Variable costs per unit: $50
• Fixed costs: $150,000
• Beginning inventory: 0 units
• Ending inventory: 2,000 units
• Production for the year: 20,000 units
• Selling price per unit: $100

Calculate the following:

a) The company's contribution margin ratio for the year.

b) The company's net income for the year using the absorption costing method.