Cagney Industries has the following cost information for the year just ended: Direct materials$1.00per unit Direct labor$2.00per unit Variable manufacturing overhead$1.50per unit Fixed manufacturing overhead$30,000 Variable selling and administrative cost$0.50per unit Fixed selling and administrative cost$25,000 During the year, Cagney produced 6,000 units, out of which 5,400 were sold for $20 each. What is net income under absorption costing