The following data are available regarding an organization who makes a single product.

	Period 1
Production (units)	15,000
Sales	14,000
Opening Stock	_
Closing Stock	1,000

The following cost structure applies (based on a budgeted level of 17,000 units per period).

	Cost per unit
	$
Direct Material	2.00
Direct Labour	6.00
Production Overheads	3.00
	11.00

Selling price is $16 per unit

Administrative overheads are $15,000 per period and the budgeted production overheads are $51,000 per period of which $34,000 () are fixed.

What is the Absorption Costing Profit/Loss?