Eastwood Company Has the Following Information for 2011 There Were No Beginning Inventories

Eastwood Company has the following information for 2011: $\begin{array}{lr}\text { Selling price } & £ 150 \text { per unit } \\\text { Variable production costs } & £ 40 \text { per unit produced } \\\text { Variable selling and admin. expenses } & £ 16 \text { per unit sold } \\\text { Fixed production costs } & £ 200,000 \\\text { Fixed selling and admin. expenses } & £ 140,000 \\\text { Units produced } & 10,000 \text { units } \\\text { Units sold } & 8,000 \text { units }\end{array}$ There were no beginning inventories. What is the net income for Eastwood using the absorption costing method?

A) £452,000
B) £480,000
C) £1,200,000
D) £600,000