Thebes Company had the following information: Revenues $400,000 Cost of goods sold: Direct materials $100,000 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. 62.5% c. 37.5% d. 50.0%