Brown Company purchases laptops for$385each and sells each one for$550.Ifoverhead expenses are9% on the costper laptop,

a)calculate theprofitthe company is receiving on each laptop.

b)calculatetherate of markupon theselling pricefor each laptop.

c)calculate therate of markupon thecostforeach laptop.

Please explain in detail using correct formulas:

Markup:

Selling Price: S=C+M

Selling Price: S=C+E+P

Amount of Markup: M=E+P

Rate of Markup on Cost= M/C x 100%

Rate of Markup on Selling Price= M/S x 100%

Break-Even Price: BE=C+E