Markup on Cost, Job Pricing Privacy Window and Wall Treatments Company provides draperies, shades, and various window treatments. Privacy works with the customer to design the appropriate window treatment, places the order, and installs the finished product. Direct materials and direct labor costs are easy to trace to the jobs. Privacy's income statement for last year is as follows: Revenues Cost of goods sold: Direct materials Direct labor Overhead Gross profit $232,900 $118,779 39,593 27,948 186,320 $46,580 29,400 $17,180 Selling and administrative expenses Operating income Privacy wants to find a markup on cost of goods sold that will allow them to earn about the same amount of profit on each job as was earned last year. Required: 1. What is the markup on cost of goods sold (COGS) that will maintain the same profit as last year? (Round to the nearest whole percent. Use this amount for future calculations.) of cost of goods sold 2. A customer orders draperies and shades for a remodeling job. The job will have the following costs: Direct materials $1,140