Magpie Corporation uses the total cost concept of product pricing. Below is cost information for the production and sale of 60,000 units of its sole product. Magpie desires a profit equal to 25% rate of return on invested assets of $700,000. $38,700 Fixed factory overhead cost $7,500 Fixed selling and administrative costs $4.60 Variable direct materials cost per unit $1.88 Variable direct labor cost per unit $1.13 Variable factory overhead cost per unit $4.50 Variable selling and administrative cost per unit The markup percentage on total cost for the company's product is: a) 21% b) 22.70% c) 15.80% d) 24%