a) What do you understand from markup on cost, markup on selling price and how to calculate the rate of markup on cost and selling price, explain with suitable example. (Suggested: 80 - 100 words) b) A retailer sells a product whose listed price is RO 25,000 and charges VAT (Value Added Tax) on it at the prescribed rate of 5 % from the customer. If the retailer pays a VAT of RO 25 to the government, what was the price inclusive of tax at which the retailer bought the article from the wholesaler? If the wholesaler pays a VAT of RO 15 to the government, what was the price inclusive of tax at which the wholesaler bought the article from the mamufacturer? How much does the government received as VAT?