Practice Exercise 1 Alma's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,000 sessions. The company has invested $2,364,000 in the studio and expects a return on investment (ROI) of 20%. Budgeted costs for the coming year are as follows. Per Total Session $ 20 $405 $ 50 Direct materials (CDs, etc.) Direct labor Variable overhead Fixed overhead Variable selling and administrative expenses Fixed selling and administrative expenses $950,000 $ 40 $505,000 Determine the total cost per session. Total cost per session LINK TO TEXT Determine the desired ROI per session. (Round answer to 2 decimal places, e.g. 10.50.) ROI per session LINK TO TEXT Calculate the markup percentage on the total cost per session. Markup percentage % per session LINK TO TEXT Calculate the target price per session. (Round answer to 2 decimal places, e.g. 10.50.) Target price per session