Waterloo Storage Products makes a four-drawer plastic storage cabinet on casters meant for use in garages and workshops. Each cabinet sells for $35. Data for last year's operations follow: 2 25, eee 21,5pe 3,5ee $ Units in beginning inventory units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative Total variable cost per unit Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs 8 10 2 4 24 $ $75,000 110,00 $185,000 Assume that the company uses absorption costing. Required: 1. Compute the unit product cost for one storage cabinet. Unit product cost 2. Prepare an income statement for the year. (Do not leave any empty spaces: input a 0 wherever it is required.) Absorption Costing Income Statement Cost of goods sold: 0 Selling and administrative expenses 0 $ 0