Precision Products has the following cost information available: Direct materials $4.00 per unit Direct labor $3.00 per unit Variable manufacturing overhead $2.00 per unit Variable selling and administrative costs $1.00 per unit Fixed manufacturing overhead $25,000 Fixed selling and administrative costs $10,000 During the year, Precision produced 5,000 units out of which 4, 600 units were sold for $30 each. Required: Calculate Precision's net operating income in the correct financial statement format assuming the company uses absorption costing