Sheridan Corporation produces microwave units. The following per-unit cost information is available: direct materials $38; direct labour $22; variable manufacturing overhead $18; fixed manufacturing overhead $41; variable selling and administrative expenses $12; and fixed selling and administrative expenses $27. Its desired ROI per unit is $28.83. Calculate the markup percentage using the absorption-cost approach

Sheridan Corporation produces microwave units. The following per-unit cost information is available: direct materials $38; direct labour $22; variable manufacturing overhead $18; fixed manufacturing overhead $41; variable selling and administrative expenses $12; and fixed selling and administrative expenses $27. Its desired ROI per unit is $28.83. Calculate the markup percentage using the absorption-cost approach. (Round answer to 2 decimal places, e.g. 15.25\%.)