Your company is bidding on a religious building. You estimated that its construction costs are $1,865,400, which includes project overhead. Your company marks up all construction costs five percent to cover main-office overhead. Your boss wants to make a three percent profit on the construction costs (excluding main-office overhead). What is your company’s bid for the project?
What will be an ideal response?
The bid is calculated as follows:
Main-office overhead = $1,865,400 × 0.05 = $93,270
Profit = $1,865,400 × 0.03 = $55,962
Bid = $1,865,400 + $93,270 + $55,962 = $2,014,632
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