Allied Refrigeration has provided the following data for its most recent year of operation:

Selling price per unit $71

Manufacturing costs:

Variable manufacturing cost per unit produced:

Direct materials $12

Direct labor $6

Variable manufacturing overhead $3

Fixed manufacturing overhead per year $264,000

Selling and administrative expenses:

Variable selling and administrative expense per unit sold $4

Fixed selling and administrative expense per year $74,000

Units:

Beginning inventory 0

Produced during the year 11,000

Ending inventory 3,000

What was Allieds net operating income for the year under absorption costing?