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Lab Assignment Answer of The Question 1

The document contains two lab assignments. The first assignment provides a table calculating tax paid, total production costs, outcome (profit or loss), and profit/loss based on raw materials, labor costs, tax rate, and selling price for four years. The second year and third year had a profit while the fourth year had a loss. The second assignment provides a table calculating monthly costs over six months - including rent, internet, supplies, insurance, cleaning, electricity, phone, water, and totals - to determine if the estimated monthly cost of $4,500 and yearly cost of $54,000 were accurate. The total six month costs were $15,402.40, showing a profit each month compared to the estimates

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Tarek Mahmud
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93 views2 pages

Lab Assignment Answer of The Question 1

The document contains two lab assignments. The first assignment provides a table calculating tax paid, total production costs, outcome (profit or loss), and profit/loss based on raw materials, labor costs, tax rate, and selling price for four years. The second year and third year had a profit while the fourth year had a loss. The second assignment provides a table calculating monthly costs over six months - including rent, internet, supplies, insurance, cleaning, electricity, phone, water, and totals - to determine if the estimated monthly cost of $4,500 and yearly cost of $54,000 were accurate. The total six month costs were $15,402.40, showing a profit each month compared to the estimates

Uploaded by

Tarek Mahmud
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Lab Assignment

Answer of the Question 1

The following table is completed using following conditions:

Tax paid = Tax rate % of (Raw materials +Labor costs)


Total Production cost =Raw materials +labor cost+ tax paid
Outcome = Selling price-Total production cost
Find the profit loss using following conditions :
1.If outcome <0 then Loss
2.If outcome=0 then None
3.If outcome>0 then Profit

Raw
Materials
($)

Labor
Cost ($)

Tax Rate
(%)

Tax Paid
($)

Total
Production
Cost ($)

Selling
Price ($)

Outcome ($)

Profit/Loss

1st year

1500

500

0.00

2,000.00

3050

1,050.00

Profit

2nd year

2500

750

162.50

3,412.50

5000

1,587.50

Profit

3 year

3000

1000

20

800.00

4,800.00

5500

700.00

Profit

4th year

4000

1500

50

2,750.00

8,250.00

8000

-250.00

Loss

rd

Lab Assignment
Answer of the Question 2
Estimated Monthly Cost (Given)= $4500.00
Estimated Yearly Cost =
$54,000.00
6 Month cost =
$27,000.00

January

February

March

April

May

June

Rent

1,100.00

1,100.00

1,500.00

1,500.00

1,500.00

1,500.00

Internet Access

15.00

15.00

15.00

15.00

15.00

15.00

Supplies

115.75

115.75

115.75

115.75

115.75

115.75

Insurance

50.00

550.00

750.00

1,750.00

750.00

750.00

Cleaning

55.00

555.00

55.00

55.00

55.00

55.00

Electricity

55.00

55.00

44.75

33.00

33.22

45.62

Phone

89.66

89.66

75.44

82.19

93.25

91.47

Water

33.20

33.20

32.50

32.10

33.40

35.24 Grand Total (6 Months)

Total

1,513.61

2,513.61

2,588.44

3,583.04

2,595.62

Profit/Loss Analysis

Profit

Profit

Profit

Profit

Profit

2,608.08 $

Profit

Profit

15,402.40

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