RooPhone Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 5,000 units of cellular phones are as follows: RooPhone desires a profit equal to a 30% rate of return on invested assets of $500,000. Determine the amount of desired profit. Determine the product cost per unit for the production of 5,000 phones. Determine the total cost markup percentage (e g. 20%) using the product cost concept. Determine the selling price of each cellular phone. Round to nearest dollar