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 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 0 25,000 21, 500 3,500 10 4 $ 24 $ 75,000 110,000 $ 185,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one storage cabinet. Unit product cost $ 23