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Magpie Corporation Uses the Total Cost Concept of Product Pricing

question 51

Multiple Choice

Magpie Corporation uses the total cost concept 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% rate of return on invested assets of $700,000. The markup percentage on total cost for the company's product is

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Definitions:

Accounting Cycle

The series of steps followed by an accounting department to collect, process, and report financial transactions each period.

Closing Entries

Accounting journal entries made at the end of an accounting period to transfer temporary accounts' balances to permanent accounts, thus preparing the books for the next period.

Accounting Cycle

The process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation in the financial statements, followed by closure of accounts.

Work Sheet

A document used by accountants to prepare adjusting entries and to draft a company's financial statements.