(Target costing) Utah Utensil has developed a new kitchen utensil. The firm has conducted significant market research and estimated the following pattern for sales of the new product: YearExpected VolumeExpected Price per Unit 48,000 units$19 48,000 units$20 90,000 units$16 40,000 units$12 If the firm desires to net $3.50 per unit in profit over the life of the product, and selling and administrative expenses are expected to average $50,000 per year, what is the target cost to produce the new utensil? show work