Use this information for Magpie Corporation to answer the question that follow. Magpie Corporation uses the total cost concept of product pricing. Below is the cost information for the production and sale of 60,000 units of its sole product. Magpie desires a profit equal to a 25% rate of return on invested assets of $700,000. $38,700 7,500 4.60 Fixed factory overhead cost Fixed selling and administrative costs Variable direct materials cost per unit Variable direct labor cost per unit Variable factory overhead cost per unit Variable selling and administrative cost per unit 1.88 1.13 4.50 Contractors who sell to government agencies would be most likely to use which of the following cost concepts in pricing their products? Oa. total cost concept Ob. product cost concept Oc. fixed cost concept Od. variable cost concept