Response to the following problem:
Carr Company produces a single product. During the past year, Carr manufactured 26,160 units and sold 20,900 units. Production costs for the year were as follows:
Fixed manufacturing overhead $470,880
Variable manufacturing overhead $224,976
Direct labor $112,488
Direct materials $188,352
Sales totaled $971,850,
variable selling expenses totaled $108,680
and fixed selling and administrative expenses totaled $190,968.
There were no units in beginning inventory.
Assume that direct labor is a variable cost. Under variable costing, the net income for the year would be?