Use the following information to answer the questions:

Selling price	$15.00 per unit sold
Direct material	$2.50 per unit produced
Direct labor	$3.00 per unit produced
Var MOH	$2.00 per unit produced
Fixed MOH	$75,000
Fixed S&A	$30,000
Units produced	22,000
Units sold	20,000

There were no beginning inventories.

Required:

1. Calculate the net income and cost of the ending inventory using the variable costing method.
2. Calculate the net income and cost of the ending inventory using the absorption costing method.