Units produced and sold 400 units Sales price $475 per unit Direct materials 53 per unit Direct labor 78 per unit Variable manufacturing overhead 18 per unit Fixed manufacturing overhead 6,600 per month Variable selling and administrative costs 20 per unit Fixed selling and administrative costs 4,375 per month Requirement 1. Using absorption costing, calculate the unit product cost. (Round your final answer to the nearest cent.) Requirement 2. Prepare an income statement using the traditional format