Lou set up an ILIT and transferred his life insurance policy with a death benefit of $2 million to the trust. The premiums are $20,000 each year. Lou named his wife Carol and his two children as trust beneficiaries and gave them the right to withdraw the greater of $5,000 or 5% each year. Which statement is NOT correct

Dozier company produced and sold 1,000 units during its first month of operations. it reported the following costs and expenses for the month: direct materials $ 69,000 direct labor $ 35,000 variable manufacturing overhead $ 15,000 fixed manufacturing overhead 28,000 total manufacturing overhead $ 43,000 variable selling expense $ 12,000 fixed selling expense 18,000 total selling expense $ 30,000 variable administrative expense $ 4,000 fixed administrative expense 25,000 total administrative expense $ 29,000 required: 1. with respect to cost classifications for preparing financial statements: a. what is the total product cost