Ritner Corporation manufactures a product that has the following costs: Direct materials Variable manufacturing overhead Direct labor Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Unit $23.70 $15.20 Per Year $ 3.60 $451,000 $ 3.00 $593,100 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 30,500 units per year. The company has invested $361,500 in this product and expects a return on investment of 9%. 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