Timothy 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
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