Problem: Costmore Manufacturing has provided the following operating results for its first year operations: Beginning inventory of finished goods 0 Units produced (no work in process) 38,000 Units sold 24,000 Units in ending inventory of finished goods 14,000 Sales price $ 45 per unit Variable manufacturing costs $ 20 per unit manufactured Variable selling and administrative expenses $ 6 per unit sold Fixed manufacturing costs for the year $ 190,000 Fixed selling and administrative expenses for the year $ 204,000 Using the absorption costing method, the net income for year is: Multiple Choice $132,000 $62,000 $52,000 $22,000