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 28,500 bags 30,500 bags $ 3.70 $ 0.50 $ 61,000 $ 26,500 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