Kate's Kale Chips produces a healthy snack made primarily of kale. Each bag of the product sells for $5. The company computes the manufacturing overhead rate on a quarterly basis based upon the planned number of units to be produced that quarter. The following data are from the projections of Kate's Kale Chips for the upcoming quarter: Sales Production Variable manufacturing cost per bag Sales and distribution costs per bag Total fixed manufacturing overhead Fixed administrative overhead Projections 24,000 bags 26,000 bags $ 2. 80 $ 0.55 $ 59, 800 $ 22,000 Required: 1. Compute the projected product cost per bag produced under full costing. 2. Compute the projected product cost per bag under variable costing. (For all requirements, do not round intermediate calculations. Round your answer to 2 decimal places.) 1 Product cost under full costing Product cost under variable costing per bag per bag 2