Cagney Industries has the following cost information for the year just ended: Direct materials $ 1.00 per unit Direct labor $ 2.00 per unit Variable manufacturing overhead $ 1.50 per unit Fixed manufacturing overhead $ 30,000 Variable selling and administrative cost $ 0.50 per 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