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Judith Music Company is in the process of determining the appropriate cost base and markup percentage to be used for its product. It wants to

Judith Music Company is in the process of determining the appropriate cost base and markup percentage to be used for its product. It wants to price its product around $700. The Finance manager argues that full cost of the product would be an appropriate cost base whereas the CEO is of the opinion that variable manufacturing cost is a more appropriate cost base. Which of the following statements is most likely to be true of Judith Music Company

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