Nancy Company has budgeted sales of $750,000 with the following budgeted costs:

Direct materials $210,000

Direct manufacturing labor 110,000

Factory overhead

Variable 70,000

Fixed 100,000

Selling and administrative expenses

Variable 50,000

Fixed 60,000

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. (five points)

Question 3: Compute the average markup percentage for setting prices as a percentage of the variable manufacturing cost. (five points)