QS 19-5 Absorption costing and gross margin LO P2 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 administrative 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. Compute gross margin under absorption costing. Production volume Cost of goods sold: 20,000 units Cost of goods sold per unit Number of units sold Total cost of goods sold RAMORT COMPANY Income Statement (partial) Sales volume 20,000 units