Quamma Corporation makes a product that has the following costs:Direct materialsDirect laborVariable manufacturing overheadFixed manufacturing overheadVariable selling and administrative expensesFixed selling and administrativeexpensesPer Unit$ $ $ Per Year$ $ $ The company uses the absorption costing approach to costplus pricing as described in the text. The pricing calculations are based on budgeted production and sales of units per year.The company has invested $ in this product and expects a return on investment of Required:a Compute the markup on absorption costNote: Round your intermediate and final answer to decimal places.b Compute the selling price of the product using the absorption costing approach.Note: Round your intermediate and final answer to decimal places.