BRECMBC9 8.I.008. 0/1 Submissions Used A customer just paid $85.55 for a raincoat. If the percent markup based on cost is 45%, what was the cost (in $ )? $ - -/0.049 Points] BRECMBC9 8.I.TB.003. 0/1 Submissions Used expenses are all business expenses, other than cost of merchandise, required to operate a business. Tax Seasonal Retailing Operating 47% 53% 112% 116% [-/0.049 Points] BRECMBC9 8.I.TB.016. 0/1 Submissions Used $22,004 $26,893 $31,547 $33,722 The basic retailing equation states that the cost of an item is equal to the selling price plus the markup. True False [/0.049 Points] BRECMBC9 8.I.TB.024. 0/1 Submissions Used The markdown is the difference between the cost and the selling price of an item. True False