The stores markup on a wholesale item is 40%. The store is currently having a sale, and the item sales for 25% off the retail price. What is the percent of profit made by the store?

2. using calculations based on a perpetual inventory system, determine the inventory balance altira would report in its august 31, 2021, balance sheet and the cost of goods sold it would report in its august 2021 income statement using the average cost method. (round "average cost per unit" to 2 decimal places.)