The Pottery bought 600 pans auctioned off for $4950. This means that each pan has the same cost. On inspection, the pans were classified as normal quality, seconds, or substandard. The 360 normal-quality pans were sold at a markup of 80% of cost, the 190 pans classified as seconds were sold at a markup of 20% of cost, and the remaining pans classified as substandard were sold at 20% below their cost.
(a) What was the unit price at which each of the three classifications was sold?
(b) If overhead is 331⁄3% of cost, what was the amount of profit realized on the purchase?
(c) What was the average rate of markup based on the selling price at which the pans were sold?