Because of Markdowns, Discounts to Employees and Customers, and Merchandise

Because of markdowns, discounts to employees and customers, and merchandise reductions, the:

A) initial markup is always higher than the maintained margin
B) sell-through analysis is necessary to determine the appropriateness of a location site
C) initial markup is always lower than maintained markup
D) value of average inventory at cost is less than its value at retail
E) maintained markup is always less than the gross margin