Please answer all parts and show all work

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5. Ryan Lasko, Anthony Wajda (Chapter 11) The buyer of patio furniture for a lawn and garden store is trying to determine prices for this year's merchandise. His manager indicated that the maintained gross margin for these items should be 55 percent of total dollar sales of these items. Last year, 5 markdown reductions amounted to 25 percent of last year's total dollar sales of patio furniture. (a) Given that the buyer can assume that this year's markdown percentage will be similar to last year's, what is the initial gross margin that he should use? (b) If the initial gross margin you calculated in Part (a) was 75%, calculate the initial price of a patio-furniture item that the store buys for $18 per unit. 5. Ryan Lasko, Anthony Wajda (Chapter 11) The buyer of patio furniture for a lawn and garden store is trying to determine prices for this year's merchandise. His manager indicated that the maintained gross margin for these items should be 55 percent of total dollar sales of these items. Last year, 5 markdown reductions amounted to 25 percent of last year's total dollar sales of patio furniture. (a) Given that the buyer can assume that this year's markdown percentage will be similar to last year's, what is the initial gross margin that he should use? (b) If the initial gross margin you calculated in Part (a) was 75%, calculate the initial price of a patio-furniture item that the store buys for $18 per unit