QUESTION #5 ORANGE Corporation began operations at the beginning of the current year. One of the company's products, a refrigeration element, sells for $185 per unit. Information related to the current year's activities follows. Variable costs per unit: Direct material $ 20 Direct labor 37 Manufacturing overhead 48 Annual fixed costs: Manufacturing overhead $600,000 Selling and administrative .860,000 Production and Sales activity: Production (units) 24,000 Sales (units) . 20,000 ORANGE carries its finished-goods inventory at the average unit cost of production and is subject to a 30% income tax rate. There was no work in process at year-end. Required: 1. Determine the cost of the December 31 finished- goods inventory. 2. Compute ORANGE's net income for the current year ended December 31