Sheffield's budgets 5,500 hours of repair time in 2022 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $110,000. On January 5, 2022, Sheffield's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sheffield's estimates that this job will consume 4 hours of labor and $220 in parts. Martinez Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 48,000 units. Martinez Computer Parts management requests that the total unit cost be used in cost-plus pricing its products. On this particular product, management also directs that the target price be set to provide a 25% return on investment (ROI) on invested assets of $960,000. Compute the markup percentage and target selling price that will allow Martinez Computer Parts to earn its desired ROI of 25% on this new component. (Round markup percentage to 2 decimal places, e.g. 10.50\%.) Markup percentage % Target selling price Sheffield's budgets 5,500 hours of repair time in 2022 and will bill a profit of $10 per labor hour along with a 25% profit markup on the invoice cost of parts. The estimated invoice cost for parts to be used is $110,000. On January 5, 2022, Sheffield's is asked to submit a price estimate to fix a 72-inch flat-screen TV. Sheffield's estimates that this job will consume 4 hours of labor and $220 in parts. Martinez Computer Parts Inc. is in the process of setting a selling price on a new component it has just designed and developed. The following cost estimates for this new component have been provided by the accounting department for a budgeted volume of 48,000 units. Martinez Computer Parts management requests that the total unit cost be used in cost-plus pricing its products. On this particular product, management also directs that the target price be set to provide a 25% return on investment (ROI) on invested assets of $960,000. Compute the markup percentage and target selling price that will allow Martinez Computer Parts to earn its desired ROI of 25% on this new component. (Round markup percentage to 2 decimal places, e.g. 10.50\%.) Markup percentage % Target selling price