ABC corporation informs you that is CM per unit of its product is $5 per unit and that this value has stayed constant for several years. Fixed manufacturing and selling costs are $100,000 and $75,000 respectively. The firm informs you that the change in inventory values (a decrease) was $22,000 under absorption costing and was $10,000 under variable costing. What is the income reported under absorption costing, if the firm sold 50,000 units? Assume FIFO cost flow.