As of 2011, the majority of states had adopted the 2003 Amendments to Article 2 of the UCC

A retailer has anticipated yearly expenses of $300,000, a net profit objective of $72,000, planned reductions of $24,000, and planned net sales of $1,000,000 . What is its required initial markup percentage?

a. 30.0 b. 37.2 c. 38.7 d. 39.6

A retailer plans retail expenses for the following year to be 30 percent of net sales, desires a 5 percent (of net sales) profit margin, and assumes total reductions will be 8 percent of net sales. What is its required initial markup percentage?

a. 35.0 b. 39.8 c. 43.0 d. The answer cannot be determined from the information provided.