Ritner Corporation manufactures a product that has the following costs: 7 Per Year Per Unit $23.10 $14.60 $ 3.00 Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $450,400 10 points $ 2.40 $592,500 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 29,900 units per year. The company has invested $360,900 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.) % a. Markup percentage on absorption cost b. Selling price