Helmers Corporation manufactures a single product. Variable costing net operating income last year was $103,000 and this year was $123,500. Last year, $38,400 in fixed manufacturing overhead costs were released from inventory under absorption costing. This year, $14,500 in fixed manufacturing overhead costs were deferred in inventory under absorption costing. What was the absorption costing net operating income last year? Multiple Choice $109,000 $103,000 $64,600 $141,400