The Dorilane Company produces a set of wood patio furniture consisting of a table and four chairs. The company has enough customer demand to justify producing its full capacity of $4,000$ sets per year. Annual cost data at full capacity follow:

Direct labor $ $88,000$

Advertising $ $100,000$

Factory supervision $ $65,000$

Property taxes, factory building $ $23,000$

Sales commissions $ $63,000$

Insurance, factory $ $6,000$

Depreciation, administrative office equipment $ $2,000$

Lease cost, factory equipment $ $13,000$

Indirect materials, factory $ $19,000$

Depreciation, factory building $ $109,000$

Administrative office supplies $($billing$)$ $ $5,000$

Administrative office salaries $ $113,000$

Direct materials used $($wood$,$ bolts, etc.$)$ $ $429,000$

Utilities, factory $ $41,000$

Required:

Compute the average product cost of one patio set.