nent/takeAssignmentMandoinvoker=&takeAssignmentSessionLocator= assignment take&inprogress=false Print Item Cost-Based Pricing Decision Deremy Costa, owner of Costa Cabinets Inc., is preparing a bid on a job that requires $1,800 of direct materials, $1,600 of direct labor, and $800 of overhead. Jeremy normally applies a standard markup based on cost of goods sold to arrive at an initial bid price. He then adjusts the price as necessary in light of other factors (e.g., competitive pressure). Last year's income statement is as follows: Sales Cost of goods sold $130,000 48,100 $81,900 46,300 35,600 Gross margin Selling and administrative expenses Operating income Required: 1. Calculate the markup that Jeremy will use. Round your answer to one decimal place. 2. What is Jeremy's initial bid price? Round your answer to the nearest dollar