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 $7,000$

Unit product cost $ $46\mathrm{.}00$

Estimated annual selling and administrative expenses $ $22,200$

Estimated investment required by the company $ $620,000$

Desired return on investment $($ROI$)12\%$

 

 

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.