please solve it with full steps

Product Costing Project The Idea: Go through the process of product costing using real or simulated data to calculate all costs involved in running a small business. This will help you compare and contrast what you took in the course with a real-life simulated application, aggregate different costs involved in making your products, and make pricing decisions based on that. The primary purpose of this project is to be able to organize and control your costs in a small business environment. Project Steps: Step 1: Think about a product (or multiple products) that your team would like to produce and sell. It could be based on a real product one of the team members already has. Step 2: Once your team has selected a product, breakdown the different costs associated with making that product (you can use the excel file provided as a starting point). Direct Material (Ingredients, quantity for each item, and the cost) Direct Labor (How many employees needed to produce it, the monthly salary for each, and how will that fixed cost be applied to each product) Overhead (Other costs needed to run the business such as rent or equipment, and how to apply it to each unit produced) Hint: All fixed costs (Salaries and Overhead) can be applied based on the expected number of units produced for that month. Divide the monthly cost by the number of units produced to calculate the cost per unit for labor and overhead. Step 3: Calculate the selling price for your product (this depends on the product cost) and calculate the profit of selling a certain number of units of your product