Crescent Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $66 per unit, of which $33 is product cost and $33 is selling and administrative expenses. In addition, the total cost of $66 is made up of $45 variable cost and $21 fixed cost. The desired profit is $12 per unit. Determine the markup percentage on product cost. Round the answer to nearest whole number.

Principles of Accounting Volume 2
19th Edition
ISBN:9781947172609
Author:OpenStax
Publisher:OpenStax
Chapter2: Building Blocks Of Managerial Accounting
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Problem 10EA: This cost data from Hickory Furniture is for the year 2017. Using the high-low method, express the...
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Crescent Lighting Inc. produces and sells lighting fixtures. An entry light has a total cost of $66 per unit, of which $33 is product cost and $33 is selling and administrative expenses. In addition, the total cost of $66 is made up of $45 variable cost and $21 fixed cost. The desired profit is $12 per unit.

Determine the markup percentage on product cost. Round the answer to nearest whole number. 

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