Albany, Inc., planned and actually manufactured 240,000 units of its single product in 2017, its first year of operation. Variable manufacturing cost was $24 per unit produced. Variable operating (nonmanufacturing) cost was $10 per unit sold. Planned and actual fixed manufacturing costs were $720,000. Planned and actual fixed operating (nonmanufacturing) costs totaled $380,000. Albany sold 120,000 units of product at $45 per unit. Read the requirements. Requirement 1. Albany's 2017 operating income using absorption costing is (a) $580,000, (b) $220,000, (c) $600,000, (d) $960,000, or (e) none of these. Show supporting calculations. Begin by selecting the labels used in the absorption costing calculation of operating income and enter the supporting amounts. Perform the calculations in this step, but select the correct operating income in the next step. (For amounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Absorption costing Revenues $ 5,400,000 Cost of goods sold: Variable manufacturing costs Beginning inventory Cost of goods sold 1,200,000 Variable operating costs Fixed operating costs Operating income