Q1- The following information related to the cost of one product: (5 Marks) CL Details Variable production costs Fixed production costs Total costs 12000 Cost per unit 12 3 Total production costs Selling and administrative expenses Total costs 3000 15000 3000 18000 15 The company would like to make $6000 profit from selling this product. Required: Use Variable cost pricing and gross margin pricing methods to: 1. Determine the markup percentage. 2. Compute the price under the above each method. 3 18