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 has gathered the following information:

Number of units to be produced and sold each year	8,000
Unit product cost	$ 42
Estimated annual selling and administrative expenses	$ 21,600
Estimated investment required by the company	$ 940,000
Desired return on investment (ROI)	12%

Required:

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

2. Compute the selling price per unit. (Do not round intermediate calculations. Round your answer to 2 decimal places.)