Shale Remodeling uses time and materials pricing. It is setting prices for next year using the following information: Labor rate, including fringe benefits $ 77 per hour Annual labor hours 3,010 hours Annual materials purchase $ 1,226,250 Materials purchasing, handling, and storage $ 269,775 Overhead for depreciation, taxes, insurance, etc. $ 690,000 Target profit margin for both labor and materials 20 % What should Shale set as the materials markup per dollar of materials used?