Quamma Corporation makes a product that has the following costs: Direct materials Direct labor Variable manufacturing overhead Per Unit $17.20 Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Year $ 14.80 $ 2.10 $802,800 $ 3.80 $561,000 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 36,000 units per year. The company has invested $610,000 in this product and expects a return on investment of 19%. 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 %