Pharoah Company sells its product for $12600 per unit. Variable costs per unit are: manufacturing, \$6400; and selling and administrative, $125. Fixed costs are: $36000 manufacturing overhead, and $46000 selling and administrative. There was no beginning inventory at 1/1/20. Production was 24 units per year in 2020-2022. Sales were 24 units in 2020, 20 units in 2021, and 28 units in 2022. Income under absorption costing for 2021 is $48000. $39500. $85000. $45500