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Kiddos Toys Ltd has the following data concerning a decorator playpen it manufactures:
Variable manufacturing cost $ 30
Applied fixed overhead $ 20
Variable selling and administrative cost $ 5
Allocated fixed selling and administrative cost$ 15
Problem 1: If the company uses cost-plus pricing based on full cost, determine the mark-up percentage used by the company to obtain a price of $105.
Select one:
Option 1: 100%
Option 2: 50%
Option 3: 25%
Option 4: 75%
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Journal entries for paid balance due on the Merchandise Inventory purchase
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