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Nancy Company has budgeted sales of $300,000 with the following budgeted costs


Nancy Company has budgeted sales of $300,000 with the following budgeted costs:
        Direct materials                                                         $60,000
        Direct manufacturing labor                                            40,000
        Factory overhead
          Variable                                                             30,000
          Fixed                                                                 50,000
        Selling and administrative expenses
                Variable                                                             20,000
                Fixed                                                                 30,000

1 Compute the average markup percentage for setting prices as a percentage of the full cost of the product 
2 Compute the average markup percentage for setting prices as a percentage of the variable cost of the product
3 Compute the average markup percentage for setting prices as a percentage of the variable manufacturing costs.

TUTORIAL PREVIEW 
            a.         Full Cost = $60,000 + $40,000 + $30,000 + $50,000 + $20,000 + $30,000 = $230,000


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