Question: On May 25, Morris Hardware received an invoice from Precision Tools Inc. for $5076.64. The invoice was dated May 22 and offered terms of 2/10,

On May 25, Morris Hardware received an invoice from Precision Tools Inc. for $5076.64. The invoice was dated May 22 and offered terms of 2/10, 1/20, n/30. What payment will settle the invoice on: a) June 1? b) June 2? c) June 5?

PART B ( 4 marks)

Calculate the missing values. Round to 2 decimal places.

Cost ($)	Rate of markup on cost (%)	Rate of markup on selling price (%)	Selling price ($)	Markdown ($)	Rate of markdown (%)	Reduced price ($)
185.00	50	?	?	60.00	?	?

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