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Timothy Company has budgeted operating income of $104,000 with the following budgeted costs: Direct materials...

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Accounting

Timothy Company has budgeted operating income of $104,000 with the following budgeted costs: Direct materials $168,000 Direct manufacturing labor 132,000 Factory overhead: Variable 96,000 Fixed 108,000 Selling and administrative expenses: Variable 72,000 Fixed 100,000 Compute the average markup percentage for setting prices as a percentage of:

- The full cost of the product

- Variable manufacturing costs

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