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 $ 1,200 Annual demand 99,000 units Life cycle 7 years Target profit 28 percentage return on sales Required: Compute the target cost of this product. Compute the target cost if Majesty wants a 40 percent return on sales. Compute the target cost if Majesty wants a 9 percent return on sales