Modern Products reported $20,000 in net profit for the year using variable costing. The company had no units in beginning inventory. Planned and actual production volume was 50,000 units. Sales volume was 45,000 units during the year. Variable manufacturing costs were $15 per unit and total budgeted fixed manufacturing overhead was $150,000. There was no underapplied or overapplied overhead reported during the year. Determine the net profit under absorption costing.