Chapter 6, Problem 46AT

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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

**(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-

Explanation

**Given Information:**

The various expenses expended by the contractor, Morley Fast to build a warehouse complex in Canmore are as follows: land expense-

**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-

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

For land expense,

Value of portion is

Value of base is

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

The formula to compute percent or rate is,

Now substitute

Now convert decimal into percent,

Therefore, the percent that land expense represent is approximately

For concrete and steel,

Value of portion is

Value of base is

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

Now substitute

Now convert decimal into percent,

**(b)**

To determine

**To calculate:** The selling price of the warehouse complex, if Morley sold the complex at the price for

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