Greg Rasetta, a building contractor, builds houses in tracts, often building as many as 20 homes simultaneously. Rasetta has budgeted costs for an expected number of houses in 20X0 as follows: (Click the icon to view the budgeted costs.) The job construction overhead includes approximately $2,200,000 of fixed costs, such as the salaries of supervisors and depreciation on equipment. The selling and administrative costs include $500,000 variable costs, such as sales commissions and bonuses that depend fundamentally on overall profitability. Rasetta wants an operating income of $1.2 million for 20x0. Requirement Compute the average target markup percentage for setting prices as a percentage of the following: 1. Direct materials plus direct labor 2. The full "cost of jobs" 3. The variable "cost of jobs" 4. The full "cost of jobs" plus selling and administrative costs 5. The variable "cost of jobs" plus variable selling and administrative costs Requirement. Compute the average target markup percentage for each scenario. Begin by selecting the formula to calculate the cost-plus pricing markup percentages, then enter the amounts to calculate the markup percentage for each of the scenarios 1.-5. (Enter the markup as a percentage rounded to the nearest hundredth of a percent, X.XX%) ) Markup % 1. ( )/ = % 2. ( ) = % 3. ( )/ % 4. - )/ = % 5. ( ) / % Data table Direct materials $ 6,000,000 Direct labor 3,500,000 4,000,000 Job construction overhead Cost of jobs S 13,500,000 2,000,000 Selling and administrative costs 15,500,000 Total costs Print Done