Burke Company produced 8,500 units of inventory and sold 6,500 of them. The company incurred the following production costs: Variable manufacturing cost $6.25 per unit Fixed manufacturing overhead cost: $34,000 Assuming the company sells its product at a price of $21 per unit, and incurred $11,200 in selling and administrative costs, what is the amount of net income under absorption costing? Multiple Choice $56,675 $46,675 $70,675 $58,675