Jasmine Company had the following amounts:

• Direct materials $10 per unit
• Direct Labor $27 per unit
• Variable overhead $2.50 per unit
• Fixed overhead $75,500
• Variable selling expenses $4 per unit
• Fixed selling and administrative expenses $125,000
• 65,000 units produced
• 57,000 units sold
• Sales price per unit is $52 each

Calculate the VARIABLE product cost per unit and prepare a Contribution Margin Income Statement under Variable Costing in order to fill in the rest of the information.

Variable product cost per unit $

Total Sales in dollars $

Contribution Margin $

Net Income $