Sarasota Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 54,000 units. Per Unit Total Direct materials $44 Direct labor $25 $20 Variable manufacturing overhead Fixed manufacturing overhead $648,000 $19 Variable selling and administrative expenses Fixed selling and administrative expenses $432,000 Sarasota Computer Parts management requests that the total unit cost be used in cost-plus pricing its products. On this part lar product, management also directs that the target price be set to provide a 25% return on investment (ROI) on invested assets of $1,080,000. (a) Compute the markup percentage and target selling price that will allow Sarasota Computer Parts to earn its desired ROI of 25% on this new component. (Round markup percentage to 2 decimal places, e.g. 10.50%.) Markup percentage % Target selling price $