Ruth Company incurred the following costs in July:

Units produced	1,000 units
Direct materials	$ 30 per unit
Direct labor	$25 per unit
Variable manufacturing overhead	$10 per unit
Fixed manufacturing overhead	$7,000 per month
Variable selling and administrative costs	$8 per unit
Fixed selling and administrative costs	$2,000 per month

List the product costs using absorption costing and variable costing. (10 Points)