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