Required information Use the following information for the Quick Study below. (Algo) [The following information applies to the questions displayed below.] Ramort Company reports the following for its single product. Ramort produced and sold 20,800 units this year. Direct materials Direct labor Variable overhead. Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price $ 14 per unit $ 16 per unit $7 per unit $ 41,600 per year $3 per unit $ 66,000 per year $ 72 per unit QS 19-9 (Algo) Computing gross profit under absorption costing LO P2 Compute gross profit under absorption costing. Sales Cost of goods sold Gross profit RAMORT COMPANY Gross Profit (Absorption Costing) $ 1,497,600