40%. The company's current monthly cost of production is $975,000. Of this cost, 40% is for labor, 30% is for materials, and 30% is for overhead. Required: 1. Determine what the cost of labor, materials, and overhead for both Procedures 1 and 2 would need to be for the company to meet its target gross profit at the current level of sales. Maximum new cost of P2 overhead materials: $