   Chapter 6, Problem 46AT ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Morley Fast, a contractor, built a warehouse complex in Canmore for the following costs: land, $12,000; concrete and steel,$34,500; plumbing and electrical, $48,990; general carpentry and roof,$42,340; and other expenses, $34,220.a. What percent of the total cost is represented by each category of expenses?b. When the project was completed, Morley sold the entire complex for 185% of its cost. What was the selling price of the complex? (a) To determine To calculate: The percent of the total cost represented by each expense category when the various expenses expended by the contractor, Morley Fast to build a warehouse complex in Canmore are as follows: land expense-$12,000, concrete and steel- $34,500, plumbing and electrical-$48,990, general carpentry and roof expense- $42,340 and other expenses-$34,220.

Explanation

Given Information:

The various expenses expended by the contractor, Morley Fast to build a warehouse complex in Canmore are as follows: land expense- $12,000, concrete and steel-$34,500, plumbing and electrical- $48,990, general carpentry and roof expense-$42,340 and other expenses- $34,220. Formula used: Step1: Recognize the two known values and the unknown value. Step2: Pick the formula that solves the unknown value. Step3: Solve the equation by putting the known values for the letters in the formula. Calculation: The various expenses expended by the contractor, Morley Fast to build a warehouse complex in Canmore are as follows: land expense-$12,000, concrete and steel- $34,500, plumbing and electrical-$48,990, general carpentry and roof expense- $42,340 and other expenses-$34,220.

Add all the amount of individual expense to calculate the total expenses to build the warehouse as,

Total Expenses=$12,000+$34,500+$48,990+$42,340+$34,220 =$172,050

For land expense,

Value of portion is P=$12,000 as portion is the part of the base and the unique characteristic of portion is “land expense”. Value of base is B=$172,050 as the base is the whole amount and hence the total amount expended to build the warehouse that is the base.

Here percent that land expense represent is unknown hence, rate is missing as the rate is the term having % sign.

The formula to compute percent or rate is,

R=PB …… (1)

Now substitute P=$12,000 and B=$172,050 in the formula (1) as,

R=PB =$12,000$172,050 0.06975

Now convert decimal into percent,

R=0.06975×100 =6.975% 6.98%

Therefore, the percent that land expense represent is approximately 6.98%.

For concrete and steel,

Value of portion is P=$34,500 as portion is the part of the base and the unique characteristic of portion is “concrete and steel”. Value of base is B=$172,050 as the base is the whole amount and hence the total amount expended to build the warehouse that is the base.

Here percent that concrete and steel expense represents is unknown hence; rate is missing as the rate is the term having % sign.

Now substitute P=$34,500 and B=$172,050 in the formula (1) as,

R=PB =$34,500$172,050 0.20052

Now convert decimal into percent,

R=0.20052×100 =20

(b)

To determine

To calculate: The selling price of the warehouse complex, if Morley sold the complex at the price for 185% of its total cost incurred after the completion of the project.

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