Sheffield's production company used standard costing in its first year of operations. The company's budgeted and actual production for the year was 4,700 units. Fixed production costs were budgeted at $51,700, whill fixed operating expenses were budgeted at $43,000. The variable manufacturing cost per unit was $20, and the variable operating expense per unit was $5. At the end of the year, Sheffeld is working on the company's absorption costing income statement. Sales for the year were 3.800 units at a selling price of $55 per unit. There were no standard cost variances this year. (a) Calculate the cost per unit that Sheffield will capitalize into inventory this year. Present the company's income statement for this year using good form. Sheffield's production company used standard costing in its first year of operations. The company's budgeted and actual production for the year was 4,700 units. Fixed production costs were budgeted at $51,700, whill fixed operating expenses were budgeted at $43,000. The variable manufacturing cost per unit was $20, and the variable operating expense per unit was $5. At the end of the year, Sheffeld is working on the company's absorption costing income statement. Sales for the year were 3.800 units at a selling price of $55 per unit. There were no standard cost variances this year. (a) Calculate the cost per unit that Sheffield will capitalize into inventory this year. Present the company's income statement for this year using good form