Calculating Price Using a Markup Percentage of Cost Aunt Cecilia's Gift Shop has decided to price the candles it sells at cost plus 60%. One type of carved pillar candle costs $5, and scented votive candles cost $0.70 each. Required: 1. What price will Aunt Cecilia's Gift Shop charge for the carved pillar candle? If required, round your answer to two decimal places. $ 2. What price will Aunt Cecilia's Gift Shop charge for each scented votive candle? If required, round your answer to two decimal places. $ 3. Conceptual Connection: Briefly explain two specific challenges that the financial manager of Aunt Cecilia's Gift Shop might encounter in employing this cost-plus pricing approach. The input in the box below will not be graded, but may be reviewed and considered by your instructor.