IM506-740 Dr. Sophia Scott Carly Williams 1.Calculate the direct cost of labor for a project team member using the following data: Hourly rate: $50/hr Hours needed: 120 Overhead rate: 40% Answer: Name: Hours Needed: Hourly Rate: Overhead Rate Direct Labor Cost: Team Member #1 120 hours $50/hr 40% $6,000.00 Direct cost = Pay rate * Project Time 2.Calculate the direct and total direct costs of labor for a project team member using the following data: Hourly rate: $50/hr Hours needed: 100 Overhead rate: 30% Answer: Name: Hours Needed: Hourly Rate: Overhead Rate: Direct Labor Cost: 100 $50/hr 30% $5,000.00 Direct cost = Pay rate * Project Time Total direct costs = Pay rate * Project time + Overhead Rate 3.The Munsters have been saving money in order to buy a house. They figure that, given current interest rates, they could afford a $400,000 home. Before looking at houses on the market they decide to explore the possibility of building a new home. The Munsters figure they could buy a suitable lot for $70,000 - $75,000. At a minimum they want to build a 2,400-Hours Needed: Hourly Rate: Overhead Rate: Total Direct Cost: 100 $50/hr 30% $6,500.00 square-foot house. The cost for a house of the quality they desire is $160 per square foot. Given this information, should the Munsters pursue the option of building a new house? Answer: Buying a house: Lot to build new home: Cost per square foot: Total: $400,000.00 $70,000-$75,000 $160 per sq. ft. and they want 2,400 $454,000 if they find a $70,000 lot. $459,000 if they find a $75,000 lot. It would not be in the Munsters best interest to build a home, as they would be over budget by almost 60k. Though yes, the benefits of building a home are nice as you can decide how you want your home to be, it just would not be reasonable. 4.Mrs. Publinsky and her husband, Xander, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the White Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $150 per square foot. Fortunately, Xander is a retired plumber and feels he can save money by installing the plumbing himself. Mrs. Publinsky feels she can take care of the interior decorating. They both feel they can complete the exterior painting with the help of their two sons. The following average cost information is available from a local bank that makes loans to local contractors and dispenses progress payments to contractors when specific tasks are verified as complete. 25% Excavation and framing complete 4% Plumbing fixtures installed 8% Roof and fireplace complete 5% Exterior painting complete 3% Wiring roughed in 4% Light fixtures installed, finish hardware installed 6% Plumbing roughed in 6% Carpet and trim installed 5% Siding on 4% Interior decorating 17% Windows, insulation, walks, plaster, and garage complete 4% Floor laid and finished 9% Furnace installed a.What is the estimated cost for the Publinskys' house if they use contractors to complete all of the house? b.Estimate what the cost of the house would be if the Publinskys used their talents to do some of the work themselves. Answer: Cost per square footage: Cost of Excavation and Framing: Cost of Roof and Fireplace: Cost of Wiring: Cost of Plumbing: Cost of Siding: $435,000.00 ($150/sq. ft.) $108,750.00 $34,800.00 $13,050.00 $26,100.00 $21,750.00 Cost of windows, insulation, walks, Cost of floors installed: Cost of Plumbing fixtures Installed: Cost of Exterior painting: Cost of light fixtures and hardware installed: Cost of carpet and trim installed:
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