Magner, Inc., uses the absorption costing approach to cost-plus pricing described in the text to set prices for its products. Based on budgeted sales of 35,000 units next year, the unit product cost of a particular product is $61.20. The company's selling and administrative expenses for this product are budgeted to be $810,400 in total for the year. The company has invested $410,000 in this product and expects a return on investment of 8%.

Required:

The selling price for this product based on the absorption costing approach would be closest to.