Waterway Manufacturing is in the process of setting a selling price on a new product it has just developed. The following data is available from the accounting department based on a budgeted volume of 100,000 units. Per Unit Total Direct materials $20 Direct labor $25 Variable manufacturing overhead $20 Fixed manufacturing overhead $320,000 Variable selling and administrative expenses $15 Fixed selling and administrative expenses $128,000 Waterway Manufacturing management requests the total cost per unit be used in cost-plus pricing its products. In addition, management requests that the target price be set to provide a 30% return on investment on invested assets of $1,920,000. Compute the markup percentage and target selling price that will allow Waterway Manufacturing to earn a 30% return on investment. (Round your answers to 2 decimal places, e.g. 10.50.) Markup percentage % Target selling price $