1) Mark’s machinery lists a log splitter at $1860 less 40%, 15%. To meet competition, Mark’s wants to reduce its net price to $922.25. What

1) Mark’s machinery lists a log splitter at $1860 less 40%, 15%. To meet competition, Mark’s wants to reduce its net price to $922.25. What additional percent discount must Mark’s allow? 

2) A clothing store buys shorts for $24 less 40% for buying over 50 pairs, and less a further 16 2/3%for buying last year’s style. The shorts are marked up to cover overhead expenses of 25% of cost and a profit of 33 1/3% of cost. (8 marks)

a) What is the regular selling price of the shorts (assume they buy more than 50 pairs and last year’s style)?

b) What is the maximum amount of markdown to break-even?

c) What is the rate of markdown if the shorts are sold at the break-even price?

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