Exercise D3-25The following is Talley Company’s income statement for the past year.Sales revenue $540,000Cost of goods sold 324,000Gross margin 216,000Operating expenses 126,000Operating income $90,000What is the markup percentage on cost of goods sold? (Round answer to 0 decimal places, e.g 45%.)Markup percentage What is the markup percentage on total cost? (Round answer to 0 decimal places, e.g 45%.)Markup percentage What is the gross margin percentage? (Round answer to 0 decimal places, e.g 45%.)Gross margin percentage
If the company wants to sell a new product that costs $42 wholesale while keeping the same markup structure, what will be the price of the new product? (Use the gross margin percentage and round final answer to 0 decimal places, e.g. 25,000.)