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

Units produced this year	10,000	units
Units sold this year	6,000	units
Direct materials	$ 10	per unit
Direct labor	$ 12	per unit
Variable overhead	$ 3	per unit
Fixed overhead	$ 40,000	in total

Belle Company's product is sold for $80 per unit. Variable selling and administrative expense is $2 per unit and fixed selling and administrative is $180,000 per year. Compute the net income under absorption costing.