Ritner Corporation manufactures a product that has the following costs: Per Year Per Unit $ 22.70 $ 14.20 $ 2.60 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $450,000 $ 2.00 $592,100 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 29,500 units per year. The company has invested $360,500 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