Ocean Grove Vending Company has invested $1,450,000 in a plant to make vending machines. The target operating income desired from the plant is $362,500 annually. The company plans annual sales of 1500 vending machines at a selling price of $1000 each.
What is the markup percentage as a percentage of cost for Ocean Grove Vending Company?
◦ 24.17%
◦ 31.87%
◦ 75.83%
◦ 25.00%