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Jeremy Costa, owner of Costa Cabinets Inc., is preparing a bid on a job that requires $1,800 of direct materials,$1,600 of direct labor, and $800 of overhead. Jeremy normally applies a standard markup based on cost of goods sold to arrive at an initial bid price. He then adjusts the price as necessary in light of other factors (e.g., competitive pressure). Last year’s income statement is as follows:
Calculate the markup that Jeremy will use.
What is Jeremy’s initial bid price?
Use increments to make the required estimate.
A projection made in January of 2002 determined that years later, the average property tax on a three-bedroom home in a certain community will be dollars. Estimate the percentage change by which the property tax will increase during the first half of the year 2010.