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Question: Timothy Company has budgeted operating income of $104,000 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:

- The full cost of the product

- Variable manufacturing costs

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M93067695

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