4)

Jewell 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

Compute the average markup percentage for setting prices as a percentage of:

a. The full cost of the product

b. The variable cost of the product

c. Variable manufacturing costs

d. Total manufacturing costs