Problem 22-2A (Part Level Submission) Lovell Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 45,320 units. Per Unit $52 $25 $24 Total Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $453,200 $22 $271,920 Lovell Computer Parts management requests that the total cost per unit be used in cost-plus pricing its products. On this particular product, management also directs that the target price be set to provide a 24% return on investment (ROI) on invested assets of $1,115,000. Compute the markup percentage and target selling price that will allow Lovell Computer Parts to earn its desired ROI of 24% on this new component. (Round answers to 2 decimal places, eg. 10.50.) Markup percentage Target selling price s Click if you would like to Show Work for this question: Open Show Work