Columbia Corporation produces a single product. The company's variable costing income statement for November appears below:

Columbia Corporation
Income Statement
For the Month ended November 30
Sales ($22 per unit)	$	902,000
Variable expenses:
Variable cost of goods sold		574,000
Variable selling expense		123,000
Total variable expenses		697,000
Contribution margin		205,000
Fixed expenses:
Manufacturing		106,680
Selling and administrative		71,120
Total fixed expenses		177,800
Net operating income	$	27,200

During November, 35,560 units were manufactured and 8,770 units were in beginning inventory. Variable production costs per unit, total fixed manufacturing expenses, and the number of units produced were the same in prior months.

Under absorption costing, for November the company would report a: