Question: The price structure in a store is such that, for every $100 of sales, $40 is the cost the goods sold and $45 goes to

The price structure in a store is such that, for every $100 of sales, $40 is the cost the goods sold and $45 goes to overhead costs. For an item with a wholesale cost of $119, determine:
a. Its selling price.
b. The rate of mark upon cost.
c. The rate of markup on selling price.
d. The operating profit on the item.

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