Summit Products, Incorporated is interested in producing and selling an improved widget. Market research indicates that customers would be willing to pay $70 for such a widget and that 30,000 units could be sold each year at this price. The current cost to produce the widget is estimated to be $50. Summit has learned that a competitor plans to introduce a similar widget at a price of $60. In response, Summit may reduce its selling price to $60. If Summit requires a 10% return on sales, what is the target cost for the new widget