Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits Annual labor hours Annual materials purchase Materials purchasing, handling, and storage Overhead for depreciation, taxes, insurance, etc. Target profit margin for both labor and materials 84 per hour 3,100 hours $1,296,250 $ 311,100 $760,000 20 % What should Shale set as the materials markup per dollar of materials used? Multiple Choice 20% 24% 48% 44% 40%