Penny Black Ltd., which has only one product, has provided the following data concerning its most recent month of operations: Selling price ............................................... $111 Units in beginning inventory ..................... 0 Units produced ........................................... 27,000 Units sold ................................................... 21,000 Units in ending inventory........................... 6,000 Variable costs per unit: Direct materials ....................................... $36 Direct labor ............................................. $25 Variable manufacturing overhead........... $7 Variable selling and administrative ........ $5 Fixed costs: Fixed manufacturing overhead ............... $405,000 Fixed selling and administrative ............. $125,000 Required: What is the unit product cost for the month under variable costing? What is the unit product cost for the month under absorption costing? Prepare an income statement for the month using the contribution format and the variable costing method. Prepare an income statement for the month using the traditional format and the absorption costing method.