Directions: Write T if the statement is True and if false write the correct answer. II. Directions: Solve the following problems. Use a separate paper. (5 points each) 1. Lara’s Mini-grocery pays Php 218 for an imported peanut butter and sell it at a 78% markup based on cost. What is the selling price of the peanut butter? 2. A ball pen costs Php 58 and sells for Php 70. Find the rate of markup based on the selling price. 3. A bag that has a selling price of Php 799.99 is on sale for 25% off. Find the amount of markdown. 4. An umbrella was originally sold for Php 299.50 and was marked down to sell at Php 179.70. Find the markdown and markdown rate. ______________ 1. Fixed costs are the costs that depend on the volume of production. ______________ 2. Cost price is the price at which the product or item is actually sold. ______________ 3. Selling price is the total cost involved in selling a product. ______________ 4. Mark-down is a temporary mark-up on certain products to take advantage of the high demand during peak sales. ______________ 5. Markdown is defined as an increase in the selling price of the merchandise. ______________ 6. To compute for the selling price based on cost, we add the markup to the cost. ______________ 7. To compute for mark-up based on cost, we multiply the markup rate by selling price. ______________ 8. To compute for mark-on we get the difference of peak selling price and regular selling price. ______________ 9. Sale price is the difference between the selling price and markdown. ______________ 10. To compute for markdown, multiply the rate of markdown to the selling price.