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: Units in beginning inventory Units produced Units sold Units in ending inventory 0 25,000 21,500 3,500 Variable costs per unit: Direct materials $ 8 Direct labour 10 Variable manufacturing overhead 2 Variable selling and administrative 4 Total variable cost per unit $ 24 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative Total fixed costs $ 75,000 110,000 $185,000 Assume that the company uses absorption costing. Required: 1. Compute the unit product cost for one storage cabinet. Answer is complete but not entirely correct. Unit product cost 20