How much is a pair of boots generally manufactured for by a big factory?

My mother-in-law is an executive of Wolverine World Wide, which manufacturers lots of boots, probably the most known branding being Caterpillar. She's sitting right here. She's in charge of logistics, which includes order completion and supply delivery. She says that their mark-up on shoes they manufacture averages 50%, their standard mark-up on shoes, but boots are different. Boots have a much higher demand elasticity. So their present mark-up on boots is only 37%. Their biggest customer for boots is Walmart. Walmart's average mark-up is 32%. 

So, say a pair of Caterpillar boots sells at a regular price of $70 at Walmart:

Walmart Price: $70

Walmart Cost: $53.03

Wolverine Cost: $38.71

That isn't to say that a pair of boots can't be made for only $5, but they would be a extremely low quality, the kind of boots that you can get at Walmart for a regular price of only $9.

Walmart Price: $9.00

Walmart Cost: $6.85

Wolverine Cost: $5.00

My mother-in-law says that would be a quality well below anything her company sells. She says that such boots might include cheap fashion boots that can only really be worn a couple of times or some kids toy boots, like all-plastic cowboy boots a parent my buy for their child for a Halloween costume.