1 - Nancy Company has budgeted sales of $300,000 with the following budgeted costs: Direct materials $60,000 Direct manufacturing labor 40,000 Factory overhead Variable 30,000 Fixed 50,000 Selling and administrative expenses Variable 20,000 Fixed 30,000 Question 1: Compute the average markup percentage for setting prices as a percentage of the full cost of the product. (five points) Question 2: Compute the average markup percentage for setting prices as a percentage of the variable cost of the product. (five points) Question 3: Compute the average markup percentage for setting prices as a percentage of the variable manufacturing costs. (five points)