Lovell Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 46,000 units. Per Unit Total Direct materials $ 51 Direct labor $ 30 Variable manufacturing overhead $ 20 Fixed manufacturing overhead $ 506,000 Variable selling and administrative expenses $ 18 Fixed selling and administrative expenses $ 230,000 Lovell Computer Parts management requests that the total cost per unit be used in cost-plus pricing its products. On this particular product, management also directs that the target price be set to provide a 20 % return on investment (ROI) on invested assets of $ 1,256,500 . Collapse question part (a) Compute the markup percentage and target selling price that will allow Lovell Computer Parts to earn its desired ROI of 20 % on this new component. (Round answers to 2 decimal places, e.g. 10.50.) Markup percentage % Target selling price $