LK Corporation uses the absorption costing approach to cost-plus pricing. For a particular product, the company invested $274,000 and expects a return on investment of 12%. Based on budgeted sales of 60,000 units next year, the unit cost is $42.20. The company's selling and administrative expenses for this product are budgeted to be $800,000. The markup on absorption cost for this product would be closest to: o 14.6% o 32.9% o 42.6% o 25.3%