Grainger Company produces only one product and sells that product for $100 per unit. Cost information for the product is: Direct Materials S20 per unit Direct Labor S25 per unit Variable Overhead $5 per unit Fixed Overhead $37,000 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 $0 $ S Direct Labor $ Direct Materials $ Direct Labor $ Variable Overhead S Fixed overhead $ Cost of goods available for sale $ Less Ending Inventory $ Cost of Goods Sold $ Gross Profit $ Selling Expenses S IS Administrative Expenses IS Net Income