1. Scott Clothing Store purchased a large order of shirts from a manufacturer. Scott's cost was $32 per shirt. The shirts were priced to sell for $56 per shirt. What is the markup per shirt? What is the markup percentage? Show your work.
2. Parker Hardware's cost on a large cooking grill is $550. Its initial markup is 36 percent, and its markdown is 20 percent. What is the final selling price? Show your work.
3.Tom Clothing is a national chain of men's clothing stores. It is planning to come out with a new men's suit with a retail price of $200 for each suit. Tom's will have a variable cost of $25 per suit and a total fixed cost of $100,000 to develop the suit. A. How many suits will Tom have to sell to breakeven? B. How many suits must Tom sell to make a $50,000 profit? C. If Tom changes the retail price to $220 per suit, how many suits must Tom sell to make a $50,000 profit? Show your work on each question.