Magma Inc. uses a job-order costing system and applies manufacturing overhead using multiple overhead rates. Selling price is calculated on the basis of cost plus a 40% markup on cost. Cost information on the product is as follows:

Direct materials cost per kilogram$130.00Direct labour per hour22.00

Overhead estimates at the beginning of the year are as follows:

Overhead

Cost PoolBudgeted

LevelBudgeted

Overhead CostMachine setups2,000setups$400,000Quality inspections8,000inspections88,000

One job order consists of 273 units and uses the following:

61 kilograms of direct materials180 direct labour-hours40 machine setups50 quality inspections

What is the selling price of one unit of product?