Sheffield's Recording Studio rents studio time to musicians in 2-hour blocks. Each session includes the use of the studio facilities, a digital recording of the performance, and a professional music producer/mixer. Anticipated annual volume is 1,000 sessions. The company has invested $2,376,000 in the studio and expects a return on investment (ROI) of 20%. Budgeted costs for the coming year are as follows. Per Session Total Direct materials (CDs, etc.) $ 20 Direct labor $400 Variable overhead $ 55 Fixed overhead $950,000 Variable selling and administrative expenses $ 40 Fixed selling and administrative expenses $515,000 (a) Your answer is correct. Determine the total cost per session. Total cost $ 1980 per session Your answer is correct. Determine the desired ROI per session. (Round answer to 2 decimal places, e.g. 10.50.) ROI $ 475.2 per session e Textbook and Media Attempts: 1 of 3 used (c) Calculate the markup percentage on the total cost per session. Markup percentage % per session