Sirhuds Inc., a maker of smartwatches, reports the information below on its product. The company uses absorption costing and has a target markup of 40% of absorption cost per unit. Direct materials cost Direct labor cost Variable overhead cost Fixed overhead cost Variable selling and administrative expenses Fixed selling and administrative expenses Expected production (and sales) $ 110 per unit $ 40 per unit $ 18 per unit $ 240,000 per year $ 8 per unit $ 145,000 per year 40,000 units per year Compute the target selling price per unit under absorption costing. (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Per unit Direct materials $ 110.00 Direct labor 40.00 Variable overhead 18.00 72.00 $ 240.00 Fixed overhead Total product cost using absorption costing Target profit Target selling price $ 240.00