Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.

Units produced this year 40,000 units

Units sold this year 24,000 units

Direct materials $ 24 per unit

Direct labor $ 26 per unit

Variable overhead $ 3 per unit

Fixed overhead $ 200,000 in total

Given Advanced Company's data, and the knowledge that the product is sold for $80 per unit and operating expenses are $350,000, compute the net income under absorption costing.

A) $98,000 B) $80,000 C) $178,000 D) $298,000 E) $296,800