Product Cost Concept of Product Costing MyPhone Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 4,630 cellular phones are as follows: Variable costs: Fixed costs: Direct materials $83 per unit Factory overhead $198,300 Direct labor 34 Selling and administrative expenses 70,000 Factory overhead 27 Selling and administrative expenses 22 Total $166 per unit MyPhone wants a profit equal to a 13% rate of return on invested assets of $600,500. a. Determine the amount of desired profit from the production and sale of 4,630 cellular phones. 78,065 b. Determine the product cost and the cost amount per unit for the production of 4,630 cellular phones. If required, round your answer to nearest dollar. $ per unit c. Determine the product cost markup percentage (rounded to two decimal places) for cellular phones. % d. Determine the selling price of cellular phones. Round to the nearest dollar. Cost $ per unit Markup Selling price per unit