Whitmore Glassware makes a variety of drinking glasses and mugs. The companys designers have discovered a market for a 16 ounce mug with college logos. Market research indicates that a mug like this would sell well in the market priced at $26.78. Whitmore only introduces a product if they can an operating profit of 30 percent of costs.

Required: What is the highest acceptable manufacturing cost for which Whitmore would be willing to produce the mugs? (Round your answer to 2 decimal places.)