Patch Work's Product, Patch Supreme, Sells for $62

question 168

Multiple Choice

Patch Work's product, Patch Supreme, sells for $62.00 and its variable cost is $44.60 while the cost of goods sold per unit is $42.80.What is Patch Work's markup percentage on variable cost and what is its gross margin percentage?

• A)39%; 45%
• B)28%; 45%
• C)39%; 31%
• D)28%; 31%

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