Alphabet Goods, Inc., manufactures a product with the following costs: Per Year Per Unit $25.00 $14.00 $ 2.20 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1,205,400 $ 2.10 $1,181,300 The company uses the absorption costing approach to cost-plus pricing described in the text. The pricing calculations are based on budgeted production and sales of 82,000 units per year. The company has invested $230,000 in this product and expects a return on investment of 16%. The selling price based on the absorption costing approach would be closest to: (Do not round Intermediate calculations.) Multiple Choice $64.90 $72.85 $81.60 O O $51.27