Problem M-2 Lovell Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 52,000 units. Per Unit Total Direct materials Direct labor Variable manufacturing overhead Fixed manufacturing overhead Variable selling and administrative expenses Fixed selling and administrative expenses $45 $21 $15 $624,000 $17 $468,000 Lovell Computer Parts management requests that the total cost per unit be used in cost-plus pricing its products. On this particular product, management also directs that the target price be set to provide a 27% return on investment (ROI) on invested assets of $1,172,800 Compute the markup percentage and target selling price that will allow Lovell Computer Parts to earn its desired ROI of 27% on this new component (Round answers to 2 decimal places, e.g. 10.50.) Markup percentage Target selling price