During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $6 per unit, Direct labor, $4 per unit, Variable overhead, $5 per unit, and Fixed overhead, $220,000. The company produced 22,000 units, and sold 16,000 units, leaving 6,000 units in inventory at year-end. Income calculated under variable costing is determined to be $330,000. How much income is reported under absorption costing? Multiple Choice $390,000 $330,000 $270,000 $550,000