Waterloo Storage Products makes a four-drawer plastic storage cabinet on casters meant for use in garages and workshops. Each cabinet sells for $37. Data for last year's operations follow: Units in beginning inventory Units produced Units sold Units in ending inventory 22,000 20,000 2,000 Variable costs per unit: Direct materials Direct labour Variable manufacturing overhead Variable selling and administrative 2 4. Total variable cost per unit $ 24 $ 82,500 Fixed costs: Fixed manufacturing overhead Fixed selling and administrative 117,500 Total fixed costs $200,000 Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one storage cabinet. 2. Assume that the company uses variable costing. Prepare a contribution format income statement for the year. $ 740,000 Variable Costing Income Statement Sales Variable expenses: Variable cost of goods sold: Variable selling and administrative Add: Variable manufacturing costs Variable selling and administrative Less: Ending inventory Ending inventory Cost of goods sold Contribution margin margin Fixed expenses: Fixed manufacturing overhead Fixed selling and administrative Selling and administrative expenses Operating profit 0 740,000 $ 740,000 3. What is the company's break-even point in terms of units sold? (Round your ans to the nearest whole number.) Break-even units sales units