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Tami Tyler opened Tami's Creations, Inc., a small manufacturing company, at the beginning of the year. Getting the company through its first quarter of operations placed a considerable strain on Ms Tyler's personal finances. The following income statement for the first quarter was prepared by a friend who has just completed a course in managerial accounting at State University Tami's Creations, Inc. Income Statement For the Quarter Ended March 31 Sales (25,000 units) Variable expenses 907,500 Variable cost of goods sold Variable selling and administrative expenses $ 305,000 192,500 410,000 Contribution margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative expenses 238,000 217,000 455,000 45,000) Net operating loss Ms. Tyler is discouraged over the loss shown for the quarter, particularly because she had planned to use the statement as support for a bank loan. Another friend, a CPA, insists that the company should be using absorption costing rather than variable costing and argues that if absorption costing had been used the company probably would have reported at least some profit for the quarter. At this point, Ms. Tyler is manufacturing only one product, a swimsuit. Production and cost data relating to the swimsuit for the first quarter follow Units produced Units sold 28,000 25,000 Variable costs per unit Direct materials Direct labor Variable manufacturing overhead Variable selling and administrative $ 7.60 $ 3.00 $ 1.60 $ 7.70 Required 1. Complete the following: a. Compute the unit product cost under absorption costing. (Round your intermediate and final answers to 2 decimal places.) cost 20.70