Quamma Corporation makes a product that has the following costs Per Year Per Unit $17.40 $15.00 $ 2.30 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $855,000 $ 4.00 $563,000 The company uses the absorption costing approach to cost-plus pricing as described in the text. The pricing calculations are based on budgeted production and sales of 38,000 units per year The company has invested $630,000 in this product and expects a return on investment of 8% Required: a. Compute the markup on absorption cost. (Round your intermediate and final answer to 2 decimal places.) b. Compute the selling price of the product using the absorption costing approach. (Round your intermediate and final answer to decimal places.) a. Markup percentage on absorption cost b. Selling price