Aa Aa 6. setting product selling prices Motion Comfort is a chair manufacturer. The company is close to introducing a new ergonomic chair that it believes will be a huge success. The company's president would like you to compute the normal selling price for the chair based on the total cost concept, the product cost concept, and the variable cost concept. An accounting intern accumulated the following information: Manufacturing costs for 5,000 chairs: $609,375 Direct materials Direct labor 400,000 178, 125 Factory overhead (40% variable) $1,187,500 Selling and administrative expenses: $46,875 Variable expenses 15,625 Fixed expenses Total assets $1,000,000 Desired rate of return 20% What is the normal selling price of Motion Comfort's new chair based on the total cost concept? O $300.00 O $290.00 O $348.00 $250.00 What is the normal selling price of Motion Comfort's new chair based on the product cost concept? Round calculations to the nearest penny (for example, $413.15) and the nearest tenth of a percent (for example, 15.5%). $237.50 O $285.00 $289.99 $347.99