REI is a cooperative that focuses on the great outdoors. Although anyone can shop at REI, the firm is owned by the members who pay a one-time fee of $20 and receive annual dividends based on company profit and the amount of each member's annual purchases. A marketing manager was interested in a new line of off-piste skis for skiing over rugged terrain and jumping off cliffs. The manager works with James Smelter in inventory to place the following orders for two different skis. Model Name Number Total Cost Ist order Steep Alpine 15 pairs $4395 2nd order Cliff Hoppers 22 pairs $7194 1. Find the cost per pair of skis for both models. 1. 2. If the markup on cost for each pair of skis is 38%, find the list price for each. 2. 3. 3. The skis were received on January 1, and a physical inventory at the end of January showed that 7 pairs of Steep Alpine and 14 pairs of Cliff Hoppers remained. Find the average inventory at cost. 4. Use the data for these skis to find the turnover at cost for the month of January 5. The managers are not happy with the quality of the skis and sell the remaining skis at a markdown of 40%. Find the price per pair of skis after being marked down. 5. 6. 6. Assume that operating expenses at REI are 22% of cost and determine the amount of any profit on these skis. If there was no profit, find the amount of the operating loss and/or the absolute loss