The following information was extracted from the first year absorption-based accounting records of Ellis Corporation

Total fixed costs incurred	$100,000
Total variable costs incurred	50,000
Total period costs incurred	70,000
Total variable period costs incurred	30,000
Units produced	20,000
Units sold	12,000
Unit sales price	$12

a) What is the Cost of Goods Sold for Ellis Corporation's first year?

b) If Ellis Corporation had used variable costing in its first year of operations, how much income (loss) before income taxes would it have reported?