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Ichabod runs a clothing store in London. He recently purchased 1000 dress shirts that had a manufacturer's list price of $35. On each shirt there was a trade discount of 10%, 8% and 6% from the manufacturer. Ichabod's store has operating expenses that are 35% of the selling price and rate of markup is 60% on selling price.
Question a) He sold 400 shirts at the regular selling price. What was the total revenue from the first 400 shirts sold?
Question b) During a sale, Ichabod offered a markdown of 20% and sold another 250 shirts. What was the total revenue from the 250 shirts sold?
Question c) Ichabod sold another 200 shirts at the break-even price. What was the total revenue from the 200 shirts sold at the break-even price?
Question d) What was the rate of markdown from the regular price of the shirts to the break-even price of the shirts?
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