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Using the formula Selling Price = Cost of Goods Sold * (1+Markup%), please solve the following question with steps: Global Pet Foods sells bully sticks

Using the formula Selling Price = Cost of Goods Sold * (1+Markup%), please solve the following question with steps:

Global Pet Foods sells bully sticks (dog treats) for $4.99 for the medium-sized and $6.99 for the large-sized. Their margin is 30% on the wholesale price. Likewise the wholesaler marks up the manufacturers selling price by 20%. What is the manufacturers selling price to the nearest cent for each product?

The answers should be $2.91 for the medium, $4.08 for the large.

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