Exercise 9.21 a-d (Part Level Submission) Roxy's Recording Studio rents studio time to musicians in two-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 1,400 sessions. The company has invested $2,223,200 in the studio and expects a return on investment of 25%. Budgeted costs for the coming year are as follows: Per SessionTotal $25 415 40 Direct materials (tapes, CDs, etc.) Direct labour Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $1,358,000 35 700,000 (a) Determine the total cost per session. Total cost per session $