Swan Company produces a product at a total cost of $43 per unit. Of this amount, $8 per unit is selling and administrative costs. The total variable cost is $30 per unit, and the desired profit is $20 per unit. Determine the markup percentage on product cost.

80%

Explanation:

To answer this question we would need to divide the Required markup by the Unit product cost.

In calculating the Required Markup we say,

= Desired profit + fixed costs (selling and administrative costs)

This is to ensure that the profit is still acquired after spending on fixed costs.

= 20+ 8

= $28 is the required markup.

In calculating the unit product cost, we must remove the selling and administrative costs because they are not direct costs. That would lead us to,

= 43 - 8

= $35

Now dividing the required markup by the unit product cost we get,

= 28/35

= 0.8

= 80%

80% is markup percentage on product cost.

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.