[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		31,000	units
Units sold this year		18,600	units
Direct materials	$	15	per unit
Direct labor	$	17	per unit
Variable overhead	$	3	per unit
Fixed overhead	$	155,000	in total

Given Advanced Company's data, and the knowledge that the product is sold for $62 per unit and operating expenses are $260,000, compute the net income under absorption costing.