Step 1
The total cost for the job was $76,900.
The labor cost was $34,675.
The material cost was $24,500.
Required; To find the total percentage for the profit and overhead in his bid.
Step 2
State the formula for the required percentage
[tex]\frac{100}{x}=\frac{Total\text{ bid}}{76900-(\text{Material cost + labour cost)}}[/tex][tex]\begin{gathered} \frac{100}{x}=\frac{76900}{76900-(34675+24500)} \\ 76900x=100(17725) \\ \end{gathered}[/tex][tex]\begin{gathered} \frac{76900x}{76900}=\frac{1772500}{76900} \\ x=23.0491482 \\ x\approx23\text{\%} \end{gathered}[/tex]Hence the percentage of the total that represents profit and overhead is approximately 23% to the nearest whole number.
