Gunnison Furniture had the following historical accounting data, per hundred board feet, concerning one of its products:

Finished shelving:
Direct materials	$30
Direct labor	16
Variable overhead	10
Fixed overhead	12
Variable selling expenses	8
Fixed selling expenses	4

The shelving is normally transferred internally from the Cutting Division to the Finishing Division. It also may be sold externally for $110 per hundred board feet. The minimum profit level accepted by the company is a markup of 20 percent. If the negotiated price is used, Gunnison Furniture's transfer price should be a

a. maximum of $110.00.

b. minimum of $84.00.

c. maximum of $100.80.

d. minimum of $80.00.