Hummingbird Company uses the product cost concept of applying the cost-plus approach to product pricing. Thecosts and expenses of producing 25,000 units of Product K are as follows: Variable costs: Direct materials Direct labor Factory overhead Selling and administrative expenses Total $2.50 4.25 1.25 0.50 8.50 Fixed costs Factory overhead Selling and administrative expenses $25,000 17,000 Hummingbird desires a profit equal to a 5% rate of return on invested assets of $642,500 a. Determine the amount of desired profit from the production and sale of Product K. b. Determine the total manufacturing costs and the cost amount per unit for the production of 25,000 units of Product K. Total manufacturing costs Cost amount per unit c. Determine the markup percentage for Product K. Round your answer to one decimal place. d. Determine the selling price of Product K. Round your answer to two decimal places