MX Ltd reported $65,000 in net profit for the year using absorption costing.

MX Ltd reported $65,000 in net profit for the year using absorption costing. The company had no units in beginning inventory, planned and actual production was 20,000 units and sales were 18,000 units during the year. Variable manufacturing costs were $20 per unit and total budgeted fixed manufacturing overhead was $120,000. There was no underapplied or overapplied overhead reported during the year. Determine the net profit under variable costing.