Atlantic 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 is 5% of price. Its fixed monthly costs are $47.000. Required: 1. Using the above cost data, set up a monthly cost equation. 2. What is the company's contribution margin percentage? (Round your answer to 2 decimal places.) Contribution margin 96