Bikes Manufacturing produces and sells children's bikes at an average price of $80. Its costs are as follows: direct materials, $12; direct labour, $8; variable overhead, $4; sales commission, 5% of price. Its fixed monthly costs are $37,000.

1. Using the above cost data, set up a monthly cost equation

Y=$37000+$28X

2. What is the company's contribution margin percentage? (Round your answer to 2 decimal places.)

QUESTION 2ND ANSWER PLEASE