During its first year of operations, the McCormick Company incurred the following manufacturing costs: Direct materials, $4 per unit, Direct labor, $2 per unit, Variable overhead, $3 per unit, and Fixed overhead, $192,000. The company produced 24,000 units, and sold 17,000 units, leaving 7,000 units in inventory at year-end. Income calculated under variable costing is determined to be $340,000. How much income is reported under absorption costing