Sheridan 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 55,000 units Per Total Unit $55 S29 $23 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $770,000 $16 $275,000 Sheridan Computer Parts management requests that the total cost per unit be used in cost-plus pricing its products, On this particular product, management also directs that the target price be set to provide a 22% retum on investment (ROI) on invested assets of $1,000,000 Your answer is incorrect. Try again Compute the markup percentage and target selling price that will allow Sheridan Computer Parts to earn its desired ROI of 22% on this new component. (Round markup percentage to 2 decimal places, e.g. 10.5090.) Markup percentage Target selling price 145.45 Assuming that the volume is 44,000 units, compute the arkup percentage and target selling price that will allow Sheridan Computer Parts to earn its desired ROI of 22% on this new component. (Round answers to 2 decimal places, e.g. 10.50% or 10.50.) Markup percentage Target selling price