1- Unit operating expenses for an item costing $85 are estimated at 50% of cost, and the desired operating profit is 10% of cost.

a.Determine the selling price.(Do not round intermediate calculations and round your final answer to 2 decimal places.)

Selling price$

b.Determine the rate of markup on cost.(Do not round intermediate calculations and round your final answer to 1 decimal place.)

Markup on cost%

c.Determine the rate of markup on selling price.(Do not round intermediate calculations and round your final answer to 1 decimal place.)

Markup on selling price%

2- A men's clothing store marks up suits by 60% of cost. This provides an operating profit of 10% of the selling price. If a suit's cost to the store is $242:

a.Determine its selling price.(Round your answer to 2 decimal places.)

Selling price$

b.Determine the rate of markup on selling price.(Round your answer to 2 decimal places.)

Markup on selling price%

c.Determine the operating profit.(Round your answer to 2 decimal places.)

Operating profit$