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Last year, Holroyd Corporation's variable costing net operating income was $95,000. The fixed manufacturing overhead costs deferred in inventory under absorption costing amounted to $29,000.

Last year, Holroyd Corporation's variable costing net operating income was $95,000. The fixed manufacturing overhead costs deferred in inventory under absorption costing amounted to $29,000. Required: Determine the absorption costing net operating income last year. Please show the work

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