Waterloo Storage Products makes a four-drawer plastic storage cabinet on casters meant for use in garages and workshops. Each cabinet sells for $54. Data for last years operations follow:

Units in beginning inventory		0
Units produced		21,200
Units sold		19,600
Units in ending inventory		1,600
Variable costs per unit:
Direct materials	$	12
Direct labour		14
Variable manufacturing overhead		6
Variable selling and administrative		8
Total variable cost per unit	$	40
Fixed costs:
Fixed manufacturing overhead	$	84,500
Fixed selling and administrative		119,500
Total fixed costs	$	204,000

Required: 1. Assume that the company uses variable costing. Compute the unit product cost for one storage cabinet. Unit product costs 32 2. Assume that the company uses variable costing. Prepare a contribution format income statement for the year. (Do not leave any empty spaces; input a 0 wherever it is required.) Variable Costing Income Statement Sales $ 1,058,400 Variable expenses Variable cost of goods sold: 1,058,400 Fixed expenses: $ 1,058,400