The following is cost and production data for the Wave Darter:

Variable manufacturing cost$400Applied fixed manufacturing cost210^*Absorption manufacturing cost610Variable selling and administrative cost48Allocated fixed selling and administrative cost120Total cost$778Variable manufacturing cost$400Variable selling and administrative cost48Total variable cost$448

^*Based on planned monthly production of 45 units (or 540 units per year).

Rounded

The target profit is $56,000, with planned sales equal to production.

Q. Use the general formula for determining a markup percentage to compute the required markup percentage using absorption manufacturing cost?