Majesty Company uses target costing to ensure that its products are profitable. Assume Majesty is planning to introduce a new product with the following estimates: Estimated market price $ Annual demand Life cycle Target profit 2,000 81,000 units 3 years 24% return on sales Required: 1. Compute the target cost of this product. 2. Compute the target cost if Majesty wants a 43 percent return on sales. 3. Compute the target cost if Majesty wants a 8 percent return on sales