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 10,000 cellular phones are as follows: Fixed costs: Variable costs per unit: Direct materials $150 Factory overhead $350,000 Selling and admin. exp Direct labor 140,000 25 Factory overhead 40 Selling and administrative expenses 25 $240 Total Smart Stream desires a profit equal to a 30% rate of return on invested assets of $1,200,000. a. Determine the total costs and the total cost amount per unit for the production and sale of 10,000 cellular phones. Total cost X Cost amount per unit b. Determine the total cost markup percentage (rounded to two decimal places) for cellular phones. % c. Determine the selling price of cellular phones. Round to the nearest dollar. 325 per phone