Strategic Initiatives and CSR target gross profit percentage is 40%. The company's current monthly cost of production is $780,000. Of this cost, 60% is for labor, 20% is for materials, and 20% is for overhead. 1. Determine what the cost of labor, materials, and overhead for both Procedures 1 and 2 would need to be for the company to meet its target gross profit at the current level of sales. Cost makeup of Procedure 1: Direct Labor Direct Materials Overhead Total Cost makeup of Procedure 2: Direct Labor Direct Materials Overhead Total Cost makeup of Procedure 1: Maximum new cost of P2 overhead materials: \&