Martin Company is considering the introduction of a new product. To determine a selling price, the company has gathered the following information: Number of units to be produced and sold each year Unit product cost Projected annual selling and administrative expenses Estimated investment required by the company Desired return on investment (RO 15,500 35 $ 56,000 $ 510,000 20% The company uses the absorption costing approach to cost-plus pricing. Required 1. Compute the markup required to achieve the desired ROl. (Round your Required ROl answers to the nearest whole percentage (i.e, 0.1234 should be entered as 12). Round your "Markup Percentage" answers to 2 decimal places (i.e., 0.1234 should be entered as 12.34.)) Answer is complete but not entirely correct. 20 % Required RO Investment Selling and administrative 510,000 56,000 102,020 expenses Total production cost Unit product cost per unit Unit sales Total sales Markup percentage 35? 5,500 542,500 18.816 % 2. Compute the selling price per unit. (Round your intermediate and final answers to 2 decimal places.) Answer is complete but not entirely correct. Unit product cost Markup Selling price per unit 35.00 6.58 41.58