Scavenger Company, a manufacturer of recycling bins, began operations on January 1 of the current year. During this time, the company produced 60,000 units and sold 55,000 units at a sales price of $15 per unit. Cost information for this year is shown in the following table:

Production costs
Direct materials	$2.50 per unit
Direct labor	$3.00 per unit
Variable overhead	$45,000 in total
Fixed overhead	$240,000 in total
Non production costs
Variable selling and administrative	$10,000 in total
Fixed selling and administrative	$50,000 in total

Given the Scavenger Company data, what is net income using absorption costing?

$201,250

$181,250

$150,000

$177,600

$276,250