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Panfilo Manufacturing has budgeted sales of P 300,000 with the following budgeted costs: Direct materialsP 60,000 Direct manufacturing labor 40,000 Factory overhead Variable30,000 Fixed50,000 Selling

Panfilo Manufacturing has budgeted sales of P 300,000 with the following budgeted costs:

Direct materialsP 60,000

Direct manufacturing labor 40,000

Factory overhead

Variable30,000

Fixed50,000

Selling and administrative expenses

Variable20,000

Fixed30,000

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

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