Problem 8-2A (Part Level Submission) (Video) 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 50,000 units Per Total Unit Direct materials $52 Direct labor $21 Variable manufacturing overhead $23 Fixed manufacturing overhead $750,000 Variable selling and administrative expenses 514 Fixed selling and administrative expenses $350,000 Lovel Computer Parts management requnits that the total cost per unit be used in cost-plus pricing is products. On this particular product, management also directs that the target price be set to provide a 30% return on investment (ROI) on invested assets of $1,000,000 Compute the markup percentage and target selling price that will allow Lovell Computer wts to earn to desired ROI of 30% on this new component. (Round markup percentage to 2 decimal places, ... 10.504.) Markup percentage Target selling price $ Click If you would like to show Work for this questions Open Show Work