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Question $3$

In the private$-$label operating benchmarks section on p$.7$ of each issue of the FIR, the industry$-$low, industry$-$average, and industryhigh benchmarks for the margins over direct costs $($as explained in the Help section for this same page$)$ should be interpreted as representing

how much sellers of private$-$label footwear received over and above the costs per pair sold; these margins, if positive, serve to improve a seller's operating profit in the designated region.

how much sellers of private$-$label footwear received per pair that were over and above materials costs and direct labor costs$-$these dollars are automatically deposited in the seller's retained earnings account and help boost the seller's ROE and stock price.

how much sellers of private$-$label footwear received per pair that help cover the seller's corporate overhead and help lower the seller's debt$-$to$-$assets ratio.

how much sellers received on each pair of private$-$label footwear supplied to chain retailers over and above direct materials and labor costs$--$these dollars represent free cash flow that company managers can use for whatever purpose they see fit.

the net profit earned $($or lost $--$ in the case of a negative number$)$ on each pair of private$-$label footwear supplied to a given region's chain retailers.