Product Cost Markup Percentage

Crescent Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $64 per unit, of which $32 is product cost and $32 is selling and administrative expenses. In addition, the total cost of $64 is made up of $35 variable cost and $29 fixed cost. The desired profit is $3 per unit.

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