Exercise 12-15 (Algo) Calculate selling price of new product with a target CM ratio LO 12-8, 12-9 ORelly Incorporated makes and selis many consumer products. The firm's average contribution margin ratio is 29\%. Management is considering adding a nw product that will requite an additionai $12,000 per month of fixed expenses and will have variable expenses of $6.5 per unit. Required: a. Calculate the selling price that will be recuired for the new product if it is to have a contripution margin ratio equal to 29%. Note: Round your onswer to 2 decimal places. b. Calculate the number of units of the new product that would have to be sold if the new product is to increase the firm's monthly operating income by $7.600. Note: Do not round intermediote calculotions