Phoebe owns a women's clothing store. She purchases dresses at a cost of $120. Phoebe estimates that she will sell 60% of 130 dresses currently in stock at a price of $220, 30% at a sale price, and the balance at cost.

a. What was the sale price of the dresses if Phoebe maintained a net rate of markup of 60% based on total cost?

b. What was the rate of markdown offered during the sale?

AppendixLO1