16. Aces Corp. produces sports apparel. Last year, Aces produced 150,000 units of apparel and sold 135.000 unit average selling price is $30. Below is additional information: Variable costs per unit: Manufacturing: Direct materials... ....$11.00 Direct labor............................................$7.00 Manufacturing overhead..... Selling & administrative... Fixed costs per year: Manufacturing overhead.................. .....$427,500 Selling & administrative... ........$275,000 .................$4.00 ............$2.00 Assume Aces Corp. uses absorption costing: 1. What is the unit product cost (2 pts)? 2. Prepare a traditional income statement for Aces' previous year of operations (7 pts)