Assume that a company uses the absorption costing approach to cost plus pricing. It is considering the introduction of a new product. To determine a selling price, the company has gathered the following information Number of units to be produced and sold each year Unit product cost Estimated annual selling and administrative expenses Estimated investment required by the company 15,000 $30 $50,400 $700,000 12% Desired return on investment (ROI) What is the markup percentage on absorption cost required to achieve the desired RO