The bill of materials for each product at Thomas's Office Supply is very specific, right down to the number of casters needed for each office chair. Thomas recognizes how important these documents are for planning purposes, but his operations managers appreciate them as well since they use this information to guide their material requisitions when it's time for production. Here are the budgeted product costs and selling prices, respectively, for the company's three key products: Thomas has fine-tuned all cost expectations for his products, and his selling prices are quite stable for each product as wall so, to say Thomas was surprised when his accountant reported sagnificantly esss profit mar gin than what he was expecticg is the understatement of the vear. What gross margin percentage was Thomas originally expecting to eam on each product, per the information provided above? (Round anwers to 2 decimal ploces, eg. 52.75\%) How much of a reduction in gross margin did each product sustain after recognizing the higher costs? (Round answers fo 2 decimal) places, es. 52.75%.) The bill of materials for each product at Thomas's Office Supply is very specific, right down to the number of casters needed for each office chair. Thomas recognizes how important these documents are for planning purposes, but his operations managers appreciate them as well since they use this information to guide their material requisitions when it's time for production. Here are the budgeted product costs and selling prices, respectively, for the company's three key products: Thomas has fine-tuned all cost expectations for his products, and his selling prices are quite stable for each product as wall so, to say Thomas was surprised when his accountant reported sagnificantly esss profit mar gin than what he was expecticg is the understatement of the vear. What gross margin percentage was Thomas originally expecting to eam on each product, per the information provided above? (Round anwers to 2 decimal ploces, eg. 52.75\%) How much of a reduction in gross margin did each product sustain after recognizing the higher costs? (Round answers fo 2 decimal) places, es. 52.75%.)