Toyota Company makes a product with the following costs:

Per UnitPer YearDirect materials$18.80Direct labor$16.20Variable manufacturing overhead$4.10Fixed manufacturing overhead$941,200Variable selling and administrative expenses$3.60Fixed selling and administrative expenses$920,400

The company uses the absorption costing approach to cost-plus pricing. The pricing calculations are based on budgeted production and sales of 52,000 units per year. The company has invested $420,000 in this product and expects a return on investment of 8%. Direct labor is a variable cost in this company.

The selling price based on the absorption costing approach is closest to: