Diedrich Corporation makes a product with the following costs: Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Unit Per Year $17.90 $11.20 $ 3.70 $716,900 $ 1.00 $770,000 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 67.000 units per year The company has invested $370,000 in this product and expects a return on investment of 17% Direct laboris a variable cost in this company. The markup on absorption cost is closest to (Round your intermediate calculations to 2 decimal places and final answer to 1 decimal place.) Multiple Choice 170%