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. Projections Sales 25,eee bags Production 27,eee bags Variable manufacturing cost per bag $ 3.ee Sales and distribution costs per bag $ 0.15 Total fixed manufacturing overhead $ 35, 100 Fixed administrative overhead $ 23,eee Required: 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.)