Exercise 6A1 (Algo) Absorption Costing Approach to Cost-Plus Pricing [LOB-B] Martin Company uses the absorption costing approach to cost-plus pricing. It is considering the introduction ofa new product. To determine a selling price, the company has gathered the following information: Number of units to be produced and sold each year 15,000 Unit product cost $ 16 Estimated annual selling and administrative expenses 5: 43,200 Estimated investment required by the company $ 540,000 Desired return on investment (ROI) 12% I Required: '1. Compute the markup percentage on absorption cost required to achieve the desired ROI. 2. Compute the selling price per unit (Do not round intermediate calculations. Round your answer to 2 decimal places.) . Markup percentage on absorption cost 2. Selling price per unit