1. b. l3. 3W2 lCon'llpany bought chairs at $40 each to be sold to the customers. The store's oyerhead expenses are 60% of cost and the owners require a prot of 40% of cost. What is the dollar amount of cost on each chair? [choose from the option: Ill]. 50991:! or 4U%*C|. Explain why? For how much does xv: Company sell each chair? Hint: find the regular selling price (SP) ofthe chair after expressing overhead expenses {E} and profit {P} as functions of cost {CL Show your calculation What is the price needed to cover allot: the costs and expenses? Hint: Consider what the cost [C] is and what the expense [E] is. Show your calculation | The business owner would like to find out the highest rate of markdown at which the store will still cover a|_I_of the costs and expenses. Therefore, he ha_s__t_o_ first figure out the reduced price [5R] that he should set so that it covers all the costs and expenses. He asks for your help to identify the reduced price in this case. What is the reduced price {SR} for each chair? [Choose one from the option: 564, $40, or $80]. Show your calculation. What is the highest rate of markdown at which the store will still cover allot: the costs and expenses? Hint: since we have determined the reduced price [ER] in the previous question, we can find the rate of markdown using SR. Show your calculation. The business owner would like to find out the highest rate of discount (or markdown] at which the store will cover only the costs so that the business will not incur an absolute loss. Therefore, he hast-g gure out the reduced price {SR} he should set that covers only the costs. He asks for your help to identifyr the reduced price in this case. What is the reduced price {SE} for each chair? \"Choose one from the options: 554. m. or $3M. Show your calculation