A manufacturing company has shared the following results for their latest year of operations. Inventory Beginning inventory: Number of units produced: 3,000 9,500 Number of units sold: 10,000 Number of units in ending inventory: 2,500 Selling price per unit: $19.00 Variable costs per unit Direct materials: $3.00 Direct labour: $5.50 Variable manufacturing overhead: $1.40 Variable selling and administrative expenses: $1.00 Fixed costs per year Fixed manufacturing overhead: Fixed selling and administrative expenses: $19,000 $10,000 1. Compute the product cost per unit under absorption costing (rounded to two decimals). (1 mark) 2. Compute the product cost per unit under variable costing (rounded to two decimals). (1 mark)