Manufacturing World produces components for furniture. The managerial accountant oversees several large departments. A specialty component is produced in the fabrication department. The variable selling expenses and manufacturing costs for this component are listed below: Manufacturing World Variable Selling Expenses and Manufacturing Costs Specialty Component Production Report Direct materials $900 Direct labor $150 Variable manufacturing overhead $160 Fixed manufacturing overhead (current production level) $220 Variable selling expenses (only incurred on sales to outside consumers) $130 The managerial accountant noted that the fabrication department has excess capacity and could produce the part. There is competition in the marketplace and the current price to purchase the part at an outside firm is $2,500. What is the highest transfer price the managerial accountant should pay to purchase the part from a competitor? What is the lowest acceptable transfer price if the part was produced by the internal operations division at Manufacturing World?