imothy Company has budgeted sales of $ 780,000 with the following budgeted costs:
Direct materials $ 168,000
Direct manufacturing labor $ 132,000
Factory overhead
Variable $ 96,000
Fixed $ 108,000
Selling and administrative expenses
Variable $ 72,000
Fixed $ 100,000
Required:
Compute the average markup percentage for setting prices as a percentage of:
a) Total manufacturing costs
b) The variable cost of the product
c) The full cost of the product
d) Variable manufacturing costs