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

Units produced this year	25,000	units
Units sold this year	15,000	units
Direct materials	$ 9	per unit
Direct labor	$ 11	per unit
Variable overhead	$ 3	per unit
Fixed overhead	$ 137,500	in total

Belle Company's product is sold for $50 per unit. Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $170,000 per year. Compute the net income under absorption costing.