Martin Company is considering the introduction of a new product. To determine a selling price, the company has gathered the following information:           Number of units to be produced and sold each year   15,500   Unit product cost $ 50   Projected annual selling and administrative expenses $ 66,000   Estimated investment required by the company $ 450,000   Desired return on investment (ROI)   18 %     The company uses the absorption costing approach to cost-plus pricing.   Required: 1. Compute the markup required to achieve the desired ROI. ((Round your final answer to 2 decimal places (i.e., 0.1234 should be entered as 12.34).)       2. Compute the selling price per unit. (Round your intermediate and final answers to 2 decimal places. )

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.