Richetti produces stereo speakers. The selling price per pair of speakers is $1,800. There is no beginning inventory. Costs involved in production are: Direct material $161 Direct labor 183 Variable manufacturing overhead 107 Total variable manufacturing costs per unit $451 Fixed manufacturing overhead per year $594,000 In addition, the company has fixed selling and administrative costs: Fixed selling costs per year $200,500 Fixed administrative costs per year $102,400 During the year, Richetti produces 1,500 pairs of speakers and sells 1,200 pairs.

What is net income using full costing?

Net income $_____