3kes Manufacturing produces and sells children's bikes at an average price of $120. its costs are as follows: direct materials, $12; direct labour, $8; variable overhead, $4; sales commission, 5% of price. Its fixed monthly costs are $47,000. Required: Using the above cost data, set up a monthly cost equotion. 2. What is the company's contribution margin percentage? (Round your answer to 2 decimal places.)