Galla Inc. needs to determine a price for a new product. Galla desires a 25% markup on the total cost of the product. Galla expects to sell 5,000 units. Additional information is as follows: 
Using the total cost method what price should Galla charge?
Definitions:
Single-Step Income Statement
A simplified income statement that summarizes revenues and expenses in a single step, without categorizing them.
Sales Revenue
Financial income derived from transactions involving the sale of products or provision of services over an interval of time.
Gross Profit Rate
The ratio of gross profit to total sales, indicating the percentage of revenue that exceeds the cost of goods sold.
Net Income
The amount of earnings left after all expenses, including taxes and operating costs, have been subtracted from total revenue; a measure of company profitability.
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