The Parsons Company experienced the following costs in 2007:

Direct materials $4.50/unit

Direct labor $8.00/unit

Manufacturing Overhead Costs

Variable $2.00/unit

Fixed $150,000

Selling & Administrative Costs

Fixed selling $15,000

Variable selling $1.50/unit

Fixed administrative $10,000

During the year the company manufactured 60,000 units and sold 55,000 units. If net income for the year was $114,000 using full costing, what would net income be if the company used variable costing? Assume no beginning inventories.