Quamma Corporation makes a product that has the following costs: Per Unit Per Year $18.30 $15.90 s 3.20 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Pixed selling and adninistrative expenses $772,200 S 4.90 $572,000 23 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 33,000 units per year. The company has invested $720,000 in this product and expects a return on investment of 17%. 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 2 decimal places.) a Markup percentage on absorption cost b. Selling price