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On May 25, Morris Hardware received an invoice from Precision Tools Inc. for $5076.64. The invoice was dated May 22 and offered terms of 2/10,

On May 25, Morris Hardware received an invoice from Precision Tools Inc. for $5076.64. The invoice was dated May 22 and offered terms of 2/10, 1/20, n/30. What payment will settle the invoice on: a) June 1? b) June 2? c) June 5?

PART B ( 4 marks)

Calculate the missing values. Round to 2 decimal places.

Cost ($)

Rate of markup on cost (%)

Rate of markup on selling price (%)

Selling price ($)

Markdown ($)

Rate of markdown (%)

Reduced price ($)

185.00

50

?

?

60.00

?

?

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