Sheridan makes Halloween costumes. The company incurred the following total costs to produce 27,500 costumes. Direct materials $242,000 Direct labor 102,000 Variable overhead 16,250 Fixed overhead 90,750

(a) Under the absorption costing method, what is the average unit product cost? Using this method, how much product cost would be recorded on the income statement if 18,500 units were sold? (Round per unit to 3 decimal places, e.g. 15.256 and product cost to 0 decimal places, e.g. 5,275.) Average unit product cost $enter a dollar amount rounded to 2 decimal places Product cost $enter a dollar amount rounded to 0 decimal places

(b) Under the variable costing method, what is the average unit product cost? Using this method, how much product cost would be recorded on the income statement if 18,500 units were sold? (Round per unit to 3 decimal places, e.g. 15.256 and product cost to 0 decimal places, e.g. 5,275.) Average unit product cost $enter a dollar amount rounded to 2 decimal places Product cost $enter a dollar amount rounded to 0 decimal places