(suggested time 4 minutes, 3 marks) Assuming that Daisy Industries is in its first month of production, the following reflects select company data for the period: Units Units produced 22,000 Units sold 16,000 Unit price $800 Variable unit costs Direct materials $240 Direct labour $280 $100 Variable manufacturing overhead Variable selling & administrative $ 40 Fixed costs Fixed manufacturing overhead Fixed selling & administrative $330,000 $600,000 Instructions The company calculates its variable net income as $80,000. The auditors are coming tomorrow and ask for a GAAP compliant net income. What is the GAAP compliant net income? $