Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year 37,000 units Units sold this year 22,200 units Direct materials $21 per unit Direct labor $23 per unit Variable overhead $111,000 in total Fixed overhead $185,000 in total 1) Given Advanced Company's data, and the knowledge that the product is sold for $73 per unit and operating expenses are $320,000, compute the net income under absorption costing. 2) Given Advanced Company's data, compute cost of finished goods in inventory under absorption costing.