The X Co. had total product costs of $1,280,000 when they manufactured 20,000 units of their product. The company desires to earn a profit equal to a 16% rate of return on assets of $3,000,000. Total selling and administrative expenses are $441,600.
Using the product cost concept:
Calculate the markup percentage % (round % to 1 decimal, i.e. 5.7%)
Compute the selling price per unit $ (round to 2 decimals)