Current Attempt in Progress Crane Company produces a molded briefcase that is distributed to luggage stores. The following operating data for the current year has been accumulated for planning purposes. Sales price $40 Variable cost of goods sold Variable selling expenses Variable administrative expenses 12 10.6 3 Annual fixed expenses Overhead Selling expenses Administrative expenses $9,828,000 2,079,000 3,969,000 Crane can produce 1,890,000 million cases a year. The projected net income for the coming year is expected to be $2,268,000 million. Crane is subject to a 40% income tax rate. During the planning sessions, Crane's managers have been reviewing costs and expenses. They estimate that the company's variable cost of goods sold will increase 15% in the coming year and that fixed administrative expenses will increase by $189,000. All other costs and expenses are expected to remain the same. (b) What price would Crane need to charge for the briefcase in the coming year to maintain the current year's contribution margin ratio? (Round ratio to O decimal places, eg. 25%. Round per unit answer to 2 decimal places, eg. 0.38.) $ Price e Textbook and Media