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 1,500 94,000 units 5 years 22% return on sales Required: 1. Compute the target cost of this product. 2. Compute the target cost if Majesty wants a 42 percent return on sales. 3. Compute the target cost if Majesty wants a 12 percent return on sales