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What is cullumber work markup percentage on variable cost

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Problem 1: Cullumber Work's product, Cullumber Supreme, sells for $78.4 and its variable cost is $57.2 while the cost of goods sold per unit is $55.8. What is Cullumber Work's markup percentage on variable cost and what is its gross margin percentage?

Option 1: 37%; 29%
Option 2: 27%; 39%
Option 3: 37%; 39%
Option 4: 27%; 29%

Reference no: EM132770121

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