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Exercise 23-15 Product pricing using variable costs LO P1 Rios Co. makes drones and uses the variable cost approach in setting product prices. Its costs for producing 31,000 units follow. The company targets a profit of $311,000 on this product. Variable Costs per Unit Direct materials 81 Overhead Direct labor Overhead Selling Fixed Costs 51 Selling 36 Administrative 26 $681,000 316,000 296,000 1. Compute the variable cost per unit. 2. Compute the markup percentage on variable cost. (Round percentage answer to 2 decimal places.) 3. Compute the product's selling price using the variable cost methoo. Answer is complete but not entirely correct. 1. Variable cost per unit 2. Markup percentage 3. Selling price S 6,014,000 5.17 % S 246