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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

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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: For Waterloo Storage Products. Assume in this exercise that the company uses absorption costing. Required: 1. Compute the unit product cost for one storage cabinet. 2. Prepare an income statement for the year

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