ABC Ltd. incurred $700,000 in direct materials costs, $500,000 in direct labor costs, and $400,000 in manufacturing overhead costs during the month. If the company produced 120,000 units of a product,

Cost Component	Amount ($)
Direct Materials	$700,000
Direct Labor	$500,000
Manufacturing Overhead	$400,000
Units Produced	120,000

calculate the cost per unit using the absorption costing method.