Sauron Ring Makers, Inc. makes and sells two types of rings (Powerful and Precious) in a fully automated factory. Annual manufacturing overhead, all fixed, of $12 million is allocated to products based on machine hours of 50,000 hours. Sales prices, material costs, and machine time usage for each ring are shown below. Powerful $40.00 $16.00 3 minutes Precious Sales price per ring Material cost per ring Machine time per ring Machine capacity is 50,000 hours per year. Sauron operates at capacity. $22.00 5 minutes 8. What is the selling price S of the Precious ring at which Sauron is indifferent between producing the two types of rings, assuming Sauron can sell everything it can make at the stated prices