Problem: Here are the budgeted product costs and selling prices, respectively, for the company's three key products: Product Cost Selling Price Office chair $60 $89 Sit-to-stand desk 145 225 Printer stand 40 65 James has fine-tuned all cost expectations for his products, and his selling prices are quite stable for each product, as well. So, to say James was surprised when his accountant reported significantly less profit margin than what he was expecting is the understatement of the year. According to the accountant, the difference is almost entirely attributable to the significant and recent increase in shipping costs for the company's raw materials. These higher freight costs caused a 20% increase to the budgeted product costs presented above. How much of a reduction in gross margin did each product sustain after recognizing the higher costs? (Round answers to 2 decimal places, e.g. 52.75%.)