Last year, Fingal Pty Ltd produced 20,000 units and sold 18,000 units at a price of $12. Costs for last year were as follows: Direct materials $25,000 Direct labour 35,000 Variable factory overhead 12,000 Fixed factory overhead Variable selling expense Fixed selling expense Fixed administrative expense 15,500 Fixed factory overhead is applied based on expected production. Last year, Fingal expected to produce 20,000 units. What is operating income for last year under absorption costing