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 a 25% rate of return on invested assets of $700,000. The markup percentage on total cost for the company's product is

The markup percentage on total cost for the company's product is:

a.

21.0%

b.

24.0%

c.

15.8%

d.

22.7%