ABC company manufactures 8,000 units of product X per year. It has no beginning inventory but 2,000 units of ending inventory. The cost data is given below: Direct materials: $3 per unit Direct labor: $2 per unit Variable manufacturing overhead: $5 per unit Fixed manufacturing overhead: $40,000 per year Based on the above information, the cost of goods sold of product X, under absorption costing system: $90,000 $60,000 $80,000 $40,000