Bombay Industries budgeted the following costs for the production of its only product, tennis balls, for the next fiscal year: Materials $35,000 Labor 25,000 Overhead: Variable 30,000 Fixed 15,000 Selling and administrative: Variable 7,500 Fixed 12,500 Total costs $125,000 Bombay Industries has a target profit of $40,000. The average target markup for setting prices as a percentage of total production costs would be _____