Exercise A-2 Absorption Costing Approach to Setting a Selling Price (LOA-2) Martin Company is considering the introduction of a new product. To determine a selling price, the company has gathered the following information: Number of units to be produced and sold each year Unit product cost Projected annual selling and administrative expenses Estimated investment required by the company Desired return on investment (ROI) $ $ $ 16,000 55 70,000 320,000 19% The company uses the absorption costing approach to cost-plus pricing Required: 1. Compute the markup required to achieve the desired ROI. ((Round your final answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34).) Markup percentage 2. Compute the selling price per unit. (Round your intermediate and final answers to 2 decimal places. ) Unit product cost Markup Selling price per unit