Penny Black Ltd., which has only one product, has provided the following data concerning its most recent month of operations:

	Selling price	$98
	Units in beginning inventory	0
	Units produced	24,000
	Units sold	18,000
	Units in ending inventory	6,000
	Variable costs per unit:
	Direct materials	$29
	Direct labor	$17
	Variable manufacturing overhead	$8
	Variable selling and administrative	$5
	Fixed costs:
	Fixed manufacturing overhead	$210,000
	Fixed selling and administrative	$265,000

Required:

1. What is the unit product cost for the month under variable costing?
2. What is the unit product cost for the month under absorption costing?
3. Prepare an income statement for the month using the contribution format and the variable costing method.
4. Prepare an income statement for the month using the traditional format and the absorption costing method.