Assuming that daisy industries is in its first month of production, the following reflects select company data for the period

Units

Units produced 22,000

units sold 16,000

unit price $800

Variable unit cost

Direct materials $240

Direct labour $280

Variable manufacturing overhead $100

Variable selling & administrative $40

Fixed Costs

Fixed manufacturing overhead $330,000

Fixed selling & administrative $600,000

Instructions

The company calculates its variable net income as $80,000. The auditors are coming tomorrow and ask for a GAAP compliant net income.

What is the GAAP compliant net income? $