Ritner Corporation manufactures a product that has the following costs: Per Year Per Unit $ 22.30 $13.80 $ 2.20 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $449,600 $ 1.60 $591,700 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 29.100 units per year. The company has invested $360,100 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