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 Required: Projections 22,500 bags 24,500 bags $ 2.50 $ 0.40 $ 49,000 $ 20,500 1. Compute the projected product cost per bag produced under full costing. 2. Compute the projected product cost per bag under variable costing. (Round your answers to 2 decimal places.) 1. Product cost under full costing 2. Product cost under variable costing per bag per bag