1. I Co. recently began production of a new product, an electric clock, which required the investment of $3,200,000 in assets. The costs of producing and selling 160,000 units of the clocks are estimated as follows: Variable costs: Per unit Direct labor 10 Direct materials 6 Factory overhead 4 Administrative and selling 5 A A A Fixed costs: Manufacturing Administrative and selling $1,600,000 800,000 | Co. is considering establishing a price to sell it's electrical clock to the market. The CEO has decided to use a cost plus approach to product pricing and that the clock must earn 10 percent on it's invested assets. Instructions: NOTE: SHOW ALL WORK. 1. Determine the amount of desired profit from the production and sale of the electric clock. 2. Assuming that the product cost concept is used, determine (a) total variable cost per unit, the total fixed cost per unit, and the selling price per unit