Green Hornet Corporation is contemplating the introduction of a new product.The company has gathered the following information concerning the product: 
The company uses the absorption costing approach to cost-plus pricing as described in the text.
Required:
a.Compute the markup on absorption cost.
b.Compute the selling price.
Definitions:
Like Terms
Terms in algebra that have the same variables raised to the same power, which can be combined algebraically.
Simplify
The process of making something less complex or easier to understand, often applied to mathematical expressions or procedures.
Simplify
To reduce something to its most basic or uncomplicated form, making it easier to understand or deal with.
R
Often used as a symbol representing the interest rate or rate of return in financial equations.
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