I have a portion of this answer correct, but cannot figure out the first answer. The selling unit price is correct. Please assist with the Mark up percentage on absorption cost.

Mark up percentage on absorption cost 22.88% (Is not correct)

Selling price per unit $23.2

Martin Company uses the absorption costing approach to cost-plus pricing. It 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 15,000 Unit product cost $ 16 Estimated annual selling and administrative expenses $ 43,200 Estimated investment required by the company $ 540,000 Desired return on investment (ROI) 12% l Required: 1. Compute the markup percentage on absorption cost required to achieve the desired ROI. 2. Compute the selling price per unit. (Do not round intermediate calculations. Round your answer to 2 decimal places.) . Markup percentage on absorption cost 2. Selling price per unit