7. Calculate (a) maintained markup percent and (b) gross margin percent, given the following information: % Cost ($) Retail ($) Opening inventory 68,200 119,740 Gross purchases 39,200 80,520 Freight 1,460 Additional markup 430 RTV 2,010 4,160 Cash discounts 1,670 Alteration/workroom costs 510 Gross sales 106,540 Transfers in 340 720 Transfers out 510 1,020 Customer returns 8,620 Markdowns 12,960 Markdown cancellations 430 Employee discounts 980 Estimated shortage 0.92 7. Calculate (a) maintained markup percent and (b) gross margin percent, given the following information: % Cost ($) Retail ($) Opening inventory 68,200 119,740 Gross purchases 39,200 80,520 Freight 1,460 Additional markup 430 RTV 2,010 4,160 Cash discounts 1,670 Alteration/workroom costs 510 Gross sales 106,540 Transfers in 340 720 Transfers out 510 1,020 Customer returns 8,620 Markdowns 12,960 Markdown cancellations 430 Employee discounts 980 Estimated shortage 0.92