During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct Materials, $7 per unitto be $335,, Direct labor $5 per unit, Variable overhead $6 per unit and fixed overhead, $253,000. The company produced 23000 units and sold 16,500 units leaving 6,500 in inventory at year end. Income calculated under variable costing is determined to be $335,000. How much income is reported under absorption costing?