B5: Many different businesses employ markup on cost to arrive at a price. For each of the following situations, explain what the markup covers and why it is the amount that it is. (2.5 marks each) a) Department stores have a mark up of 100% of purchase cost b) Jewelry stores charge anywhere from 100% to 300% of the cost the jewelry c) Johnson Construction Company charges 12% on direct materials, direct labour and subcontracting costs. d) Hamilton Auto Repair charges customers for direct materials and direct labour. Customers are charged $45 per direct labour worked on their job; however, the employees cost Hamilton $15 per hour