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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

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