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3. GFC Industries Limited produces sports goods and wears for local sales and exports. It has recently considered to start producing high quality boxing gloves.

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3. GFC Industries Limited produces sports goods and wears for local sales and exports. It has recently considered to start producing high quality boxing gloves. Company management believes that due to intensive competition, the price of a pair of gloves cannot exceed $25. It however believes that it can sell 50,000 pairs of gloves annually, if it invests $1,250,000 on production and logistics of this product. The desired ROI is 20%. Required: Calculate the target cost of one pair of gloves

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