(Answered) Question calculating price using a markup percentage of

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Question: Calculating Price Using a Markup Percentage of Cost Grinnell Lake Gift Shop has decided to price the candles that it sells at cost plus 80 percent. One type of carved bear-shaped candle costs $12, and huckleberry-scented votive candles cost $1.10 each.

Required: 1. What price will Grinnell Lake Gift Shop charge for the carved bear candle?

2. What price will Grinnell Lake Gift Shop charge for each scented votive candle?

3. Conceptual Connection: Briefly explain two specific challenges that the financial manager of Grinnell Lake Gift Shop might encounter in employing this cost-plus pricing approach.

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