Ritner Corporation manufactures a product that has the following costs: Per Year Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses Per Unit $ 24.10 $ 15.60 $ 4.00 $451,400 $3.40 $593,500 The company uses the absorption costing approach to cost-plus pricing as described in the text. The pricing calculations are based on budgeted production and sales of 30,900 units per year. The company has invested $361,900 in this product and expects a return on investment of 9% Required: a. Compute the markup on absorption cost. (Round your Intermediate and final answer to 2 decimal places.) b. Compute the selling price of the product using the absorption costing approach (Round your Intermediate and final answer to 2 decimal places.) Markup percentage on absorption cost b. Selling price