Product Cost Method of Product Costing MyPhone, Inc. uses the product cost method of applying the cost-plus approach to product pricing. The costs of producing and selling 5,480 cell phones are as follows: Variable costs per unit: Direct materials Direct labor $77 31 Factory overhead 22 Selling and administrative expenses 23 Total variable cost per unit $153 Fixed costs: Factory overhead Selling and administrative expenses $199,500 71,100 MyPhone desires a profit equal to a 14% return on invested assets of $598,300. a. Determine the amount of desired profit from the production and sale of 5,480 cell phones. 83,762 V b. Determine the product cost per unit for the production of 5,480 cell phones. Round your answer to the nearest whole dollar. 166 per unit c. Determine the product cost markup percentage for cell phones. Round your answer to two decimal places. 15 X % d. Determine the selling price of cell phones. Round your answers to the nearest whole dollar. Total Cost Check My Work per unit Selling and administrative expenses Show Me HOW 71,100 MyPhone desires a profit equal to a 14% return on invested assets of $598,300. a. Determine the amount of desired profit from the production and sale of 5,480 cell phones. 83,762 b. Determine the product cost per unit for the production of 5,480 cell phones. Round your answer to the nearest whole dollar. 166 per unit c. Determine the product cost markup percentage for cell phones. Round your answer to two decimal places. 15 X % d. Determine the selling price of cell phones. Round your answers to the nearest whole dollar. Total Cost Markup Selling price Feedback Check My Work per unit per unit per unit a. Multiply the desired profit percentage by the desired amount (invested assets). b. Divide the total manufacturing (variable and fixed) costs by the number of units produced. c. Divide the desired profit plus the total selling and administrative expenses by the total manufacturing cost. d. Add cost (b) and markup [(c) x (b)].