Last year, Walsh Company manufactured 25.000 units and sold 22,000 units. Production costs were as follows: Direct Materials - $100,000, Direct Labour - $75.000, Variable Manufacturing Overhead - $50,000, Fixed Manufacturing Overhead - $75,000. Total sales were $440,000, total variable selling and administrative expenses were $110,000, and total fixed selling and administrative expenses were $45,000. There was no beginning inventory. Assume that direct labour is a variable cost. What was the operating income under variable costing?