By using the information given below calculate the net income under the traditional costing method. Show your calculations. (No beginning finished goods inventory.)

Variable cost of goods sold per unit $4.00

Fixed cost of goods sold per unit $ 3.00

Variable operating expenses per unit $1.50

Fixed operating expenses per unit $1.25

Selling price $12.00

Number of units sold 18,000

Number of units produced 20,000