Exercise 8-5 Variable Costing Unit Product Cost and Income Statement; Break-Even [LO1, LO2] Waterloo Storage Products makes a four-drawer plastic storage cabinet on casters meant for use in garages and workshops. Each cabinet sells for $35. Data for last year's operations follow: Units in beginning inventory Units produced Units sold 25,000 21,500 3,500 Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs 8 10 4 $ 24 $ 75,000 110,000 $185,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one storage cabinet. Unit product cost