Grainger Company produces only one product and sells that product for $100 per unit. Cost information for the product is Direct Materials Direct Labor Variable Overhead Fixed Overhead $20 per unit $25 per unit $5 per unit $37.000 s $0 5 Selling expenses are $6 per unit and are all variable. Administrative expenses of $20,000 are all fixed, Grainger produced 5,000 units: sold 4,000; and had no beginning inventory A. Compute net income under absorption costing (round to the nearest whole dollar) Sales Cost of Goods Sold Beginning inventory Direct Materials Direct Labor Variable Overhead Fixed overhead Cost of goods available for sale Less Ending Inventory Cost of Goods Sold $ $ $ $ $ 5 5 Gross Profit $ Selling Expenses Administrative Expenses $ $ Net Income