eBook Print Item 40 Total Cost Concept of Product Pricing Smart Stream Inc. uses the total cost concept of applying the cost plus approach to product pricing. The costs of producing and selling 7,500 cellular phones are os follows: Variable costs: Fixed costs: Direct materials S 86 Factory overhead $321,900 Direct labor Selling and administrative expenses 113,100 Factory overhead Selling and administrative expenses Total $172 Smart Stream wants a profit equal to a 15% rate of return on invested assets of 51,012,000. a. Determine the total costs and the total cost amount per unit for the production and sale of 7,500 units of cellular phones Total costs 26 20 Cost amount per unit b. Determine the total cost markup percentage for cellular phones, Rounded to two decimal places c. Determine the selling price of cellular phones. Round to the nearest cent. per phone