Page produces stereo speakers. The selling price per pair of speakers is $1,690. There is no beginning inventory.

Costs involved in production are:

Direct material 140

Direct labor 218

Variable manufacturing overhead 109

Total variable manufacturing costs per unit 467

Fixed manufacturing overhead per year $560,240

In addition, the company has fixed selling and administrative costs:

Fixed selling costs per year 191,400

Fixed administrative costs per year 103,900

During the year, Page produces 1,490 pairs of speakers and sells 1,170 pairs.

What is net income using full costing?