Company ABC produces a single product and uses both variable and absorption costing. In a period where 10,000 units were produced and 8,000 units were sold, the following costs were incurred:

9. 
   
   • Direct materials: $5 per unit
   • Direct labor: $10 per unit
   • Variable manufacturing overhead: $3 per unit
   • Fixed manufacturing overhead: $50,000 Calculate the cost of goods sold, net income, and ending inventory under both variable and absorption costing methods.