(Target costing) Utah Utensil has developed a new kitchen utensil. The firm has conducted significant market research and estimated the following...

(Target costing) Utah Utensil has developed a new kitchen utensil. The firm hasconducted significant market research and estimated the following pattern for sales ofthe new product:YearExpected VolumeExpected Price per Unit48,000 units$1948,000 units$2090,000 units$1640,000 units$12If the firm desires to net $3.50 per unit in profit over the life of the product, and selling and administrative expenses are expected to average $50,000 per year, what is the target cost to produce the new utensil? show workQuestion:Utah Utensil has developed a new kitchen utensil. The firm has conducted significant market researchand estimated the following pattern for sales of the new product:Year Expected...