Saved Help 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 Units in ending inventory 0 25,000 21,500 3,500 $ Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative 8 10 2 4 Total variable cost per unit $ 24 Tixed costs: Fixed manufacturing overhead Fixed selling and administrative $ 75,000 110,000 Total fixed costs 5185,000 Assume that the company uses absorption costing. Required: 1. Compute the unit product cost for one storage cabinet. Unit product doo 2. Prepare an income statement for the year. (Do hot leave any empty spaces; input a O wherever it is required.) Absorption Costing Income Statement Cost of goods sold: 0 ences 0 0 Selling and administrative expenses 0 $ 0 BAL