Illustration E.5 Leo, Inc. Cost Data Direct materials 10 square feet @ $10/ft. = $100 Direct labor 3 hours @ $30/hr. = $90 Variable manufacturing overhead = $60 Fixed manufacturing overhead $120,000 Anticipated production level 1,000 units Variable selling expense $30/unit sold Fixed selling expense $40,000 Administrative expense $50,000 Selling price $500 per lawn chair Units sold 1,200 Units in beginning inventory 200 Units in ending inventory 0 What is the net income under absorption costing? Submit