Product Cost Concept of Product Pricing Willis Products Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 200,000 units of medical tablets are as follows: Variable costs per Fixed costs: unit: Factory Direct materials $ 75 $ 800,000 overhead Selling and Direct labor 115 admin. exp. 1,200,000 Factory 30 overhead Selling and 20 admin. exp. Total $240 Willis Products desires a profit equal to a 20% rate of return on invested assets of $12,000,000. a. Determine the total manufacturing costs for the production and sale of 200,000 units. Total Manufacturing Costs Variable Fixed factory overhead Total Determine the cost amount per unit for the production and sale of 200,000 units. per unit b. Determine the product cost markup percentage per unit. Round your percentage answer to two decimal places. % c. Determine the selling price per unit. Use the rounded product cost markup percentage in your calculations, and round the amount of the markup to the nearest whole dollar. per unit