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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

 

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