Percentages involving Finances: Profit and Loss

A factory buys raw materials at \(\$25,000\) and pays salary to workers at \(\$60,000\). The products are sold to a store at a profit of \(15\%\) on the total cost.

1. Find the total selling price of the products by the factory.
2. Due to the increasing cost in raw materials, the factory makes a loss of \(8\%\) on the total cost, given that the workers’ salary and selling price stay the same. Find the new price of raw materials.