The price structure in a store is such that, for every $100 of sales, $40 is the cost of the goods sold and $45 goes to overhead costs.
For an item with a wholesale cost of $119, determine:
a. Its selling price. (Round your answer to the nearest cent.)
Selling price $
b. The rate of markup on cost. (Round your answer to one decimal place.)
Rate
%
c. The rate of markup on selling price. (Round your answer to one decimal place.)
1%
Rate
d. The operating profit on the item. (Round your answer to the nearest cent.)
Profit
$