Fashion Master purchased men’s sweaters for $72 less 40% and 15%. The normal rate of markup on selling price is 40%, and overhead is 25% of the regular selling price. The sweaters were reduced to $45.90 for the store’s Boxing Day Blowout.
a. What was the rate of markdown for the sale?
b. What was the profit or loss on each sweater at the sale price?
c. At the sale price, what was the rate of markup on cost?