Ecob Corporation uses the absorption costing approach to cost-plus pricing as described in the text to set prices for its products. Based on budgeted sales of 31,000 units next year, the unit product cost of a particular product is $61.70. The company's selling and administrative. expenses for this product are budgeted to be $386,400 in total for the year. The company has invested $390,000 in this product and expects a return on investment of 10% The markup on absorption cost for this product would be closest to: (Do not round intermediate calculations.) Multiple Choice 18.2% 22.2% 10.0% 20.2%