Take me to the text Mintshirt Company manufactures a single product: skirts. Mintshirt's skirts have a unique design that is not replicated by any other skirt manufacturer. The company was formed at the beginning of last year with an initial investment of $847,000. Mintshirt requires a 40% annual rate of return on the investment. In total, 9,800 skirts were produced and sold last year. For the upcoming year, the production and sales volumes are not expected to change from last year. The following costs are budgeted for the upcoming year: Per Unit Total (9,800 units) Direct Materials Direct Labor $84 $78 Variable Manufacturing Overhead $29 Fixed Manufacturing Overhead General and Administrative Expenses $225,400 $405,000 To price their product, Mintshirt uses the cost-plus pricing method. The company has a policy of using the absorption costing method for assigning costs to inventory and the formula method for determining a markup percentage. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. a) Determine the budgeted full cost of a skirt for the upcoming year. Full Cost: $214 b) Calculate the markup percentage. Markup Percentage: 12.42 x % c) Determine the selling price of a skirt for the upcoming year. Selling Price: $312.90 x Check