Manifold, Inc., is a multinational company with divisions around the world. Division X in the United States purchases a part from Division Z in China. There is no outside market for the part. The part is sold for $20 and normally receives a 35 percent markup on cost. What is the transfer price using the resale price method? (Round the answer to two decimal places.)

a. $10.91

b. $11.11

c. $18.51

d. $14.81