C.2 The success of a business depends on many things. For example, you are the senior manager of the ABC Hypermarket, Explain the Mr. Said, new manager how to understand the customers and the competition. In addition also explain control costs and how to price their products and services. Explain Mr. Said about Markup & Margin with the following situations. Required: (a) Situation 1: Calculating dollar amount of markup and percent markup on selling price. (2.5 Marks) Signature jeans cost. OMR 1600. Signature jeans selling price OMR 2000. n (b) Situation 2: Calculating selling price based on following information. (2.5 Marks) Lamp cost, OMR 500 30% markup on cost (c) Situation 3: Calculating cost based on following information. (2.5 Marks) Tennis racket selling price OMR 500 20% markup on selling price (d) What is the formula to convert percent markup on cost to percent markup on selling price? How could you explain that a 40% markup on cost, which is a 28.6% markup on selling price, would result in the same OMR markup? (2.5 Marks) 20:41