Company ABC manufactures two products, X and Y. Product X requires $20 of direct materials, $10 of direct labor, and $5 of variable overhead per unit. Product Y requires $15 of direct materials, $12 of direct labor, and $8 of variable overhead per unit. If the company has limited resources and can only produce 1,000 units of either product, which product should it prioritize and why?

• Requirement 1: Calculate the total product cost for each product.
• Requirement 2: Determine the contribution margin per unit for each product.
• Requirement 3: Conduct a relevant costing analysis and recommend which product the company should prioritize based on profitability.