Question: Billingtons buys shirts for $21 less 25% and 20%. The shirts are priced at a regular selling price to cover expenses of 20% of regular

Billington’s buys shirts for $21 less 25% and 20%. The shirts are priced at a regular selling price to cover expenses of 20% of regular selling price and a profit of 17% of regular selling price. For a special weekend sale, shirts were marked down 20%.
(a) What was the operating profit or loss on the shirts sold during the weekend sale?
(b)What rate of markup was realized based on cost?

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