Mallard Corporation uses the product cost concept of product pricing. Below is cost information for the production and sale of 45,000 units of its sole product. Mallard desires a profit equal to a 12% rate of return on invested assets of $800,000.

Fixed factory overhead cost$82,000

Fixed selling and administrative costs45,000

Variable direct materials cost per unit5.50

Variable direct labor cost per unit7.65

Variable factory overhead cost per unit2.25

Variable selling and administrative cost per unit0.90

The unit selling price for the company's product is

a.$22.05

b.$21.25

c.$19.35

d.$15.75