The Hoops Corporation manufactures and sells hula hoops. The following data is related to sales and production of the hula hoops for last year.

Selling price per unit	$8.40
Variable manufacturing costs per unit	$1.88
Variable selling and administrative expenses per unit	$4.45
Fixed manufacturing overhead (in total)	$76,000
Fixed selling and administrative expenses (in total)	$80,000
Units produced during the year	550,000
Units sold during year	180,000

Using variable costing, what is the operating income for last year?