Total Cost Concept of Product Pricing Smart Stream Inc. uses the total cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 6,000 cellular phones are as follows: Variable costs: Fixed costs: Direct materials $ 94 Factory overhead $284,200 Direct labor Selling and administrative expenses 99,800 Factory overhead Selling and administrative expenses 23 Total $188 Smart Stream wants a profit equal to a 16% rate of return on invested assets of $774,900. a. Determine the total costs and the total cost amount per unit for the production and sale of 6,000 units of cellular phones. 28 Total costs Cost amount per unit b. Determine the total cost markup percentage for cellular phones. Rounded to two decimal places. 9 c. Determine the selling price of cellular phones. Round to the nearest cent. per phone