Kim works at a sports store and needs to determine the selling price for running shoes. The running shoes have a cost of $40. The manager asked Kim to price the running shoes with a 60% target gross margin. Kim has priced the running shoes with a 60% markup percentage.

Required
1. What selling price does the manager want? 

2. What selling price has Kim calculated? 

3. If there are 50 running shoes, how much will the store lose in sales if the price is not corrected?