Modern Products reported $20,000 in net profit for the year using variable costing. The companyhad no units in beginning inventory. Planned and actual production volume was 50,000 units. Salesvolume was 45,000 units during the year. Variable manufacturing costs were $15 per unit and totabudgeted fxed manufacturing overhead was $150,000. There was no underapplied or overappliedoverhead reported during the year. Determine the net profit under absorption costing