Question
Johanson Company had the following information: Revenues Cost of goods sold: Direct materials $100,000 $400,000 Direct labor 50,000 Overhead 50,000 200,000 Gross profit $200,000 Selling
- Johanson Company had the following information:
| Revenues Cost of goods sold: Direct materials |
$100,000 | $400,000 |
| Direct labor | 50,000 |
|
| Overhead | 50,000 | 200,000 |
| Gross profit |
| $200,000 |
| Selling and administrative expenses |
| 75,000 |
| Operating income |
| $125,000 |
| What is the markup based on cost of goods sold? a. 100.0% |
| |
| b. 50.0% | ||
| c. 37.5% | ||
| d. 62.5% | ||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
