please help with explanations

Williams Inc. produces a single product, a part used in the manufacture of automobile transmissions. Known for its quality and performance, the part is sold to luxury auto manufacturers around the world. Because this is a quality product, Williams has some flexibility in pricing the part. The firm calculates the price using a variety of pricing methods and then chooses the final price based on that information and other strategic information. Asummary of the key cost information follows. Williams expects to manufacture and sell 58,000 parts in the coming year. While the demand for Williams's part has been growing in the past two years, management is not only aware of the cyclical nature of the automobile industry but also concerned about market share and profits during the industry's current downturn. Total Costs 4,664,000 Variable manufacturing Variable selling and administrative 839,650 2,329,875 Plant-level fixed overhead 659,495 Fixed selling and administrative Batch-level fixed overhead 344,000 Total investment in product line 22,334,000 58,000 Expected sales (units) Required: 1. Determine the price for the part using a markup of 41% of full manufacturing cost. (Do not round intermediate calculations. Round your answer to 3 decimal places.) Price 2. Determine the price for the part using a markup of 21% of full life-cycle cost. (Do not round intermediate calculations. Round your answer to 3 decimal places.) Price Williams Inc. produces a single product, a part used in the manufacture of automobile transmissions. Known for its quality and performance, the part is sold to luxury auto manufacturers around the world. Because this is a quality product, Williams has some flexibility in pricing the part. The firm calculates the price using a variety of pricing methods and then chooses the final price based on that information and other strategic information. Asummary of the key cost information follows. Williams expects to manufacture and sell 58,000 parts in the coming year. While the demand for Williams's part has been growing in the past two years, management is not only aware of the cyclical nature of the automobile industry but also concerned about market share and profits during the industry's current downturn. Total Costs 4,664,000 Variable manufacturing Variable selling and administrative 839,650 2,329,875 Plant-level fixed overhead 659,495 Fixed selling and administrative Batch-level fixed overhead 344,000 Total investment in product line 22,334,000 58,000 Expected sales (units) Required: 1. Determine the price for the part using a markup of 41% of full manufacturing cost. (Do not round intermediate calculations. Round your answer to 3 decimal places.) Price 2. Determine the price for the part using a markup of 21% of full life-cycle cost. (Do not round intermediate calculations. Round your answer to 3 decimal places.) Price