Magpie Corporation uses the total cost method of product pricing. Below is cost information for the production and sale of 60,000 units of its sole product. Magpie desires a profit equal to a 25% return on invested assets of $700,000. 
-The markup percentage on total cost for Magpie's product is
Definitions:
Credit Side
The right side of an account in double-entry bookkeeping, typically used to record increases in liabilities, revenue, or equity.
Basic Accounting Equation
The foundational accounting principle stating that Assets = Liabilities + Equity.
General Journal
An initial record where all transactions are first entered, providing a chronological order of all financial transactions made by a business.
Chronological Record
A record of events in the order they occurred over time.
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