Question: Please provide the answer to this general accounting question with proper steps. A company reports $120,000 of net income using variable costing. The company had

Please provide the answer to this general accounting question with proper steps.

A company reports $120,000 of net income using variable costing. The company had no beginning inventory, produced 60,000 units, and sold 56,000 units during the year. The standard variable manufacturing cost is $12 per unit, and total fixed manufacturing overhead is $180,000. There were no variances during the period. What is the net income under absorption costing

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