Michaela, a college student, enjoyed this chapter in business mathematics and wanted to see for herself how a product moves through the merchandising cycle from a manufacturer to the consumer. During her summer holidays, she decided to study the merchandising cycle at her father's clothing store that was located in Delhi, Ontario. Answer the following questions. Round to two decimal places unless otherwise instructed. While she was at the store, it purchased 907 dress shirts that were listed for $54 each less trade discounts of 16%, 9%, and 2% from FXFusion in Vancouver. The store's operating expenses are 26% of cost and markup is 54% of cost. The store sold 486 shirts at the regular selling price. During a sale, it offered a markdown of 23% and sold another 285 shirts. It sold another 136 shirts at the break-even price. 1)What is the cost per shirt? Answer must follow format of xx.xx rounded to 2 decimal places. Do not include the $ symbol. 2)What is the total amount of discount received on the purchase of all 907 shirts from the manufacturer? Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units. 3)What is the single equivalent rate of discount for the three discounts on the cost only? Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units. 4)What is the regular selling price per shirt? Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units. 5)What is the sale price per shirt? Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units. 6)What is the break-even price per shirt? Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units. 7)Using your break-even price and regular selling price calculated in the previous questions, what would the rate of markdown have to be to reduce the selling price to the breakeven price. Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units. 8)What is the total profit or loss from the sale of all 907 shirts at the calculated prices? Answer must follow format of xx.xx rounded to 2 decimal places and include appropriate units.