Product Cost Markup Percentage

Apex Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $72 per unit, of which $37 is product cost and $35 is selling and administrative expenses. In addition, the total cost of $72 is made up of $40 variable cost and $32 fixed cost. The desired profit is $5 per unit.

Determine the markup percentage on product cost. Round the answer to nearest whole number. %

THE ANSWER IS NOT 1%