Problem
Jamie Corporation had the following information: $250,000 Cost of goods sold: Direct materials $50,000 Direct labor 37,500 62.500 150.000 Gross profit $100.000 Selling and administrative expenses Operating income.
a. What the markup based on materials?
b. What would be the price for a product that has a cost of$500, assuming that the markup is based on cost of goods sold?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.