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 23,800 units this year. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price $ 29 per unit $ 31 per unit $22 per unit $47,500 per year $3 per unit $ 69,000 per year $ 117 per unit QS 19-9 (Algo) Computing gross profit under absorption costing LO P2 Compute gross profit under absorption costing. RAMORT COMPANY Gross Profit (Absorption Costing) Sales $ 2,784,600 Cost of goods sold 1,392,300 Gross profit S 1,392,300