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:
Definitions:
Performance Of A Contract
The execution of the duties and obligations as specified in a legal contract by the parties involved.
Compliance
The act of adhering to and following laws, regulations, standards, and ethical practices set by regulatory bodies or institutions.
Price Changes
Variations in the cost of goods or services over time, influenced by factors such as supply and demand, inflation, and market competition.
Implied Contract
A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
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