2. XYZ Company sells chairs for $70 each. The store's overhead expenses are 40% of cost and the owners require a profit of 35% of cost (a) For how much does XYZ Company buy the chairs? (b) What is the price needed to cover all of the costs and expenses? (c) What is the highest rate of markdown at which the store will cover all of the costs and expenses? (d) What is the regular rate of markup based on regular selling price for selling a chair at $70