Martin Company uses the absorption costing approach to cost$-$plus pricing. It is considering the introduction of a new product. To determine a selling price, the company gathered the following information:

Number of units to be produced and sold each year Unit product cost

Estimated annual selling and administrative expenses

Estimated investment required by the company

Desired return on investment $($ROI$)$

$14,500$

$$18\mathrm{.}00$

$$34,800$

$$580,000$

$12\%$

Required:

Compute the markup percentage on absorption cost required to achieve the desired ROI.

Compute the selling price per unit.

Note: Do not round intermediate calculations. Round your answer to $2$ decimal places.

Markup percentage on absorption cost