Required information [The following information applies to the questions displayed below.) Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year. Units produced this year Units sold this year Direct materials Direct labor Variable overhead Fixed overhead 40,000 units 24,000 units $ 24 per unit $ 26 per unit $ 3 per unit $200,000 in total Given Advanced Company's data, and the knowledge that the product is sold for $80 per unit and operating expenses are $350,000, compute the net income under absorption costing. Multiple Choice $80,000 Required information Multiple Choice $80,000 $98,000 $296,800 $178,000 $298,000