Ivanhoe Company sells its product for $10000 per unit. Variable costs per unit are: manufacturing, $5600; and selling and administrative, $125. Fixed costs are: $52000 manufacturing overhead, and $62000 selling and administrative. There was no beginning inventory at 1/1/20. Production was 40 units per year in 20202022. Sales were 40 units in 2020, 36 units in 2021, and 44 units in 2022.

Income under variable costing for 2021 is $49600. $39900. $45100. $85000.