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Jamison Company uses the total cost method of applying the cost-plus approach to product pricing. Jamison produces and sells Product X at a total cost of $1,600 per unit, of which $1090 is product cost and $510 is selling and administrative expenses. In addition, the total cost of $1,600 is made up of $910 variable cost and $690 fixed cost. The desired profit is $320 per unit. Determine the markup percentage on total cost. fill in the blank 1 %

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Based on the cost of making the product to Jamison Company, and the desired profit, the markup percentage on total cost is 20%.

What is the markup percentage?

The markup percentage on total cost can be found as:

= Desired profit / Total cost

Solving gives:

= 320 / 1,600 x 100%

= 0.2 x 100%

= 20%

In conclusion, the markup percentage is 20%.

Find out more on the markup percentage at https://brainly.com/question/26085685

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