*Exercise 8-6 Alma's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,170 sessions. The company has invested $2,395,575 in the studio and expects a return on investment (ROI) of 20%. Budgeted costs for the coming year are as follows. Per Session Total $ 20 $410 $ 45 Direct materials (CDs, etc.) Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1,117,350 $ 40 $561,600 Determine the total cost per session. Total cost $ per session Determine the desired ROI per session. (Round answer to 2 decimal places, e.g. 10.50.) ROI $ per session Calculate the markup percentage on the total cost per session. Markup percentage % per session Calculate the target price per session. (Round answer to 2 decimal places, e.g. 10.50.) Target price $ per session