The management of musselman corporation would like to set the selling price on a new product using the absorption costing approach to cost-plus pricing. the company's accounting department has supplied the following estimates for the new product: per unit per year direct materials $ 27 direct labor $ 16 variable manufacturing overhead $ 8 fixed annual manufacturing overhead $ 216,000 variable selling and administrative expenses $ 3 fixed annual selling and administrative expenses $ 72,000 management plans to produce and sell 9,000 units of the new product annually. the new product would require an investment of $1,305,000 and has a required return on investment of 10%. the markup percentage on absorption cost is closest to: