Minnetonka, Inc. is a merchandiser of stone ornaments. The company sold 15,600 units during the year. The company has provided the following information:

What is the unit cost per item sold? (Round your answer to the nearest cent.)

Sales Revenue: $554,000

Purchases (excluding freight in): $300,000

Selling and Administrative Expenses: $66,000

Freight In: $14,000

Beginning Merchandise Inventory: $47,000

Ending Merchandise Inventory: $55,500