Culver Corporation needs to set a target price for its newly designed product M14-M16. The following data relate to this new product. Per Unit Total Direct materials $37 Direct labor $49 Variable manufacturing overhead $13 Fixed manufacturing overhead $1,670,400 Variable selling and administrative expenses $6 Fixed selling and administrative expenses $1,113,600 These costs are based on a budgeted volume of 92,800 units produced and sold each year. Culver uses cost-plus pricing methods to set its target selling price. The markup percentage on total unit cost is 40%.