Haygood Furniture Store sells standard kitchen cabinets. The following information summarizes Haygood's operating activities for the year:

Selling and Administrative Expenses	$42,750
Purchases	85,700
Sales Revenue	154,500
Merchandise Inventory, January 1	12,500
Merchandise Inventory, December 31	16,200

Haygood sold 950 cabinets during the year. Calculate the operating income for the year. Compute the unit cost for one cabinet (Round to two decimal places.)