In its first year of business, the McCormik Co. produced and sold 14,000 units and incurred the following costs:

Manufacturing Costs:

	Cost Per Unit
Direct Material	$20
Direct Labor	$5
Var. Manufacturing Overhead	$8
Fixed Manufacturing Overhead	$21
Variable Selling and Admin.	$3
Fixed Selling and Admin.	$9

Units Produced	15,000
Units Sold	13,000
Selling Price Per Unit	100
Tax Rate	25%

Show the net income under absorption and variable costing. Calculate Net income for 13,000 sold and 15,000 produced.