13. Coed Novelties manufactures key chains for college bookstores. During 2003, the company had the following costs:

Direct materials used $ 31,000 Direct labor 18,000 Factory rent 12,000 Equipment deprecation factory 2,000 Equipment depreciation office 750 Marketing expense 2,500 Administrative expenses 40,000 35,000 units produced were in 2003. What is the product cost per unit? a. approximately $1.24 b. $1.80 c. approximately $3.04 d. $1.40 e. approximately $1.82