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Qs 19-5 Absorption costing and gross margin LO P2 Ramort Company reports the following cost...

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Qs 19-5 Absorption costing and gross margin LO P2 Ramort Company reports the following cost data for its single product. The company regularly sells 20,000 units of its price of $60 per unit. Direct materials Direct labor Overhead costs for the year s 10 per unit $ 12 per unit 3 per unit Variable overhead Fixed overhead per year $40,000 Selling and administrative costs for the year Variable Fixed $ 2 per unit $65,200 Normal production level (in units) 20,000 units Compute gross margin under absorption costing Compute gross margin under absorption costing. Production volume Cost of goods sold: 20,000 units Cost of goods sold per unit Number of units sold Total cost of goods sold RAMORT COMPANY Income Statement (partial) Sales volume 20,000 units

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