Ivanhoe Industries developed the following information for the product it sells: Sales price $53 per unit Variable cost of goods sold Fixed cost of goods sold Variable selling expense Variable administrative expense $31.00 per unit $665,030 10% of sales price $2.00 per unit Fixed selling expense $415,000 Fixed administrative expense $315,000 For the year ended December 31, 2022, Ivanhoe produced and sold 115,000 units of product.