Smith Company uses variable costing. During January Smith had variable costing income of $200,000. Smith prepared the following schedule of its absorption costing finished goods inventory it had no work-in-process inventory.

	January 1	January 31
Direct materials	$ 24,000	$ 18,000
Direct labour	15,000	11,000
Variable overhead	31,200	23,600
Fixed overhead	18,900	14,800
Total cost	$ 89,100	$ 67,400

What is Smiths absorption costing net income? Show clearly calculations.