Arca company reports the following for its product for its first year of operations. direct materials $ 70 per unit direct labor $ 50 per unit variable overhead $ 20 per unit fixed overhead $ 96,000 per year variable selling and administrative expenses $ 6 per unit fixed selling and administrative expenses $ 40,000 per year the company sells its product for $300 per unit. compute gross profit using absorption costing assuming the company produces and sells 2,000 units.