Quamma Corporation makes a product that has the following costs: Per Year Direct materias Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Unit $ 18.10 $15.70 $ 3.00 $719,200 $ 4.70 $570,000 The company uses the absorption costing approach to cost-plus pricing as described in the text. The pricing calculations are based on budgeted producon and sales of 31,000 units per year. The company has invested $700,000 in this product and expects a return on investment of 15%. Required: a. Compute the arkup 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 % Markup percentage on absorption cost eg price