Apple Inc. produced and sold iPhones in March 2026, incurring the following costs:

1. Direct materials: $740,000
2. Direct labor: $540,000
3. Manufacturing overheads: $500,000
4. Selling expenses: $300,000
5. Administrative expenses: $260,000
6. Units produced and sold: 58,000 units
7. Sales revenue: $2,900,000

Requirements:

1. Calculate the total cost of production.
2. Compute the cost per unit.
3. Determine the gross profit per unit.
4. Calculate the total gross profit and net profit.