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 24,000 units this year. Direct materials Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses Sales price $ 30 per unit $ 32 per unit $ 23 per unit $ 48,000 per year $ 4 per unit $ 69,200 per year $ 120 per unit QS 19-9 (Algo) Computing gross profit under absorption costing LO P2 Compute gross profit under absorption costing. Sales RAMORT COMPANY Gross Profit (Absorption Costing) Contribution margin Cost of goods sold Fixed selling and administrative expenses Gross profit Sales Variable selling and administrative expenses