Ritner Corporation manufactures a product that has the following costs: Direct materials Direct labor Variable manufacturing overhead Per Unit $23.50 Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Year $15.00 $ 3.40 $450,000 $ 2.80 $592,900 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 30,300 units per year. The company has invested $361,300 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 Selling price