Jell Corporation uses the total cost concept of product pricing. Below is cost information for the production and sale of 60,400 units of its sole product. Jell desires a profit equal to a 25% rate of return on invested assets of $619,000.00.
Fixed factory overhead cost $37,736.00
Fixed selling and administrative costs $7,750.00
Variable direct materials cost per unit $5.09
Variable direct labor cost per unit $1.88
Variable factory overhead cost per unit $1.13
Variable selling and administrative cost per unit $4.50
What is the markup percentage for the company's product?