Typically, most retail firms calculate markup percentage based on retail selling price. Why? Which of the following is FALSE?

Retail expenses, markdowns, and profit are always stated as a percentage of sales. Thus, markups expressed as a percentage of sales are more meaningful.

Manufacturers quote selling prices and discounts to retailers as a percentage of reductions from retail list prices.

Retail price data are more readily available than cost data.

Profitability seems smaller if expressed on the basis of price. This can be useful in communicating to governments, employees, and consumers.

None of the above statements are false.