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, $408,000. The company produced 34,000 units, and sold 27,500 units, leaving 6,500 units in inventory at year-end. Income calculated under variable costing is determined to be $390,000. How much income is reported under absorption costing? Multiple Choice $390,000 $312,000 $798,000 $468,000 $463,000