Cagney Industries has the following cost information for the year just ended:

Direct materials $ 1.00 per unit

Direct labor $ 2.00 per unit

Variable manufacturing overhead $ 1.50 per unit

Fixed manufacturing overhead $ 30,000

Variable selling and administrative cost $ 0.50 per unit

Fixed selling and administrative cost $ 25,000

During the year, Cagney produced 6,000 units, out of which 5,400 were sold for $20 each.

What is net income under absorption costing?