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 15,000 Unit product cost $ 28.00 Estimated annual selling and administrative expenses $ 63,900 Estimated investment required by the company $ 780,000 Desired return on investment (ROI) 12% The selling price that the company would establish using a markup percentage on absorption cost is closest to