On April 24, 2015, Apple entered the wearable technology market with the release of its Apple Watch. A May 1, 2015, article published in The Wall Street Journal estimated that the cost of materials and labor required to produce the watch totaled $90.70. The Apple Watchs retail price is $349.

1. What percentage of the retail price is accounted for by the cost of materials and labor? (Round answer to 0 decimal places, e.g. 25%.)

2. What is the markup dollar amount on the watch? (Round answer to 2 decimal places, e.g. 0.38.)

3. What is the markup percentage of the cost on the watch? (Round answer to 0 decimal places, e.g. 25%.)

4. Estimates for the iPad mini 2 place materials and labor cost at 40% of the retail price. If Apple had wanted to maintain that same relationship between materials and labor cost and retail price for the Apple Watch, what price would Apple have set for the watch? What markup percentage of the cost would have yielded this price? (Round answers to 0 decimal places, e.g. 25.)