! Required information PR 2-40 (Algo) Financial Statement Elements; Cost Behavior (LO 2-5, 2-6, 2-8) [The following information applies to the questions displayed below.] Mason Corporation began operations at the beginning of the current year. One of the company's products, a refrigeration element, sells for $195 per unit. Information related to the current year's activities follows. Variable costs per unit: Direct material Direct labor Manufacturing overhead Annual fixed costs: Manufacturing overhead Selling and administrative Production and sales activity: Production (units) Sales (units) $ 15 35 46 $ 600,000 860,000 24,000 20,000 Mason carries its finished-goods inventory at the average unit cost of production and is subject to a 30 percent income tax rate. There was no work in process at year-end. Net income PR 2-40 (Algo) Part 2: Compute Mason's net income for the current year ended December 31. 2. Compute Mason's net income for the current year ended December 31.