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Ramort Company reports the following cost data for its single product. The company regularly sells 20,000 units of its product at a price of $60 per unit. $ $ 10 per unit 12 per unit Direct materials Direct labor Overhead costs for the year Variable overhead Fixed overhead per year Selling and adminstrative costs for the year Variable Fixed Normal production level (in units) 3 per unit $ 40,000 2 per unit $ 65,200 20,000 units Compute gross margin under absorption costing. Answer is complete but not entirely correct. $ Cost of goods sold: Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead per unit Production volume 20,000 units 141,050.00 X 172,050.00 32,550.00 17,050.00 Cost of goods sold per unit Number of units sold Total cost of goods sold $ 362,700.00 427,800 $ 155,163,060,000 RAMORT COMPANY Income Statement (partial) Sales Cost of goods sold Gross margin Sales volume 20,000 units $ 1,200,000 (155,163,060,000) 660,000