#8 (8 marks)Nancy Company has budgeted sales of $300,000 with the following budgeted costs: Direct materials $60,000 Direct manufacturing labour 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