The Canton Corporation shows the following income statement. The firm uses FIFO inventory accounting. CANTON CORPORATIONIncome Statement for 20X1Sales $126,000 (10,500 units at $12.00)Cost of goods sold 73,500 (10,500 units at $7.00)Gross profit $52,500 Selling and administrative expense 7,560 Depreciation 12,700 Operating profit $32,240 Taxes (30%) 9,672 Aftertax income $22,568 Assume in 20X2 the same 10,500-unit volume is maintained, but that the sales price increases by 10 percent. Because of FIFO inventory policy, old inventory will still be charged off at $7.00 per unit. Also assume selling and administrative expense will be 6 percent of sales and depreciation will be unchanged. The tax rate is 30 percent. Compute aftertax income for 20X2.