FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
General and administrative expenses were allocated to jobs as a percentage of labor. The ratio of total
general and administrative expenses to direct labor costs for 2008 are estimated to be the same ratio in
2007 and 2008. The job will last 12 months. The construction company added 5% for profit of total
costs.
For the full financial statement see the Bid Table 1 attachment:
Direct Labor..................................$178,000
Direct Materials............................$155,000
Subcontractors.............................$715,000
Job Overhead..................................$98,000
The total bid should be?
1- $1,265,637
2- $1,265,600
3- $1,345,123
4- $1,890,000 - ANSWER---Accounting and Finance Math Video
Determining the Bid
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
, FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
Answer and Solution
(Current Yr's Direct Labor/Previous Yr's Direct Labor)xPrevious Yr's G and A = G and A Allocation
$178,000 / $385,485 x $128,571 = $59,368
$178,000 + $155,000 + $715,000 + $98,000 + $59,368 + 5% = $1,265,637
1- $1,265,637
Jason owns a piece of equipment that costs 25,000. The equipment's useful life is 6 years. The salvage
value at the end of the "useful" life is estimated to be $4,000. Maintenance is $134 per month.
Insurance, taxes and other related items cost $150 per month. The equipment will be used 155 hours
per month.
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
, FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
What is the hourly cost for the equipment?
1- $5.50
2- $7.90
3- $3.71
4- $4.55 - ANSWER---Accounting and Finance Math Video
Equipment Usage
Answer and Solution
Equipment Cost - Salvage Value / # of Hrs of Useful Life = Ownership Cost
25,000 - 4,000 / (155 x 12 x 6) = 1.88
Maintenance, Insurance, Taxes, Etc. / # of Hrs of Use = Usage Cost
$134 + $ = $1.83
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
, FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
$1.88 + $1.83 = $3.71
3- $3.71
The labor performance for a 5-man masonry crew is as follows:
Week Actual Standard
1 280 190
2 255 220
3 255 225
4 280 225
5 200 190
6 225 180
The crew must complete a job scheduled to take 600 man hours based on standard perfomance. How
long will it take the crew to complete the work?
1- 18.23
2- 23.5
3- 18.32
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
General and administrative expenses were allocated to jobs as a percentage of labor. The ratio of total
general and administrative expenses to direct labor costs for 2008 are estimated to be the same ratio in
2007 and 2008. The job will last 12 months. The construction company added 5% for profit of total
costs.
For the full financial statement see the Bid Table 1 attachment:
Direct Labor..................................$178,000
Direct Materials............................$155,000
Subcontractors.............................$715,000
Job Overhead..................................$98,000
The total bid should be?
1- $1,265,637
2- $1,265,600
3- $1,345,123
4- $1,890,000 - ANSWER---Accounting and Finance Math Video
Determining the Bid
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
, FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
Answer and Solution
(Current Yr's Direct Labor/Previous Yr's Direct Labor)xPrevious Yr's G and A = G and A Allocation
$178,000 / $385,485 x $128,571 = $59,368
$178,000 + $155,000 + $715,000 + $98,000 + $59,368 + 5% = $1,265,637
1- $1,265,637
Jason owns a piece of equipment that costs 25,000. The equipment's useful life is 6 years. The salvage
value at the end of the "useful" life is estimated to be $4,000. Maintenance is $134 per month.
Insurance, taxes and other related items cost $150 per month. The equipment will be used 155 hours
per month.
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
, FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
What is the hourly cost for the equipment?
1- $5.50
2- $7.90
3- $3.71
4- $4.55 - ANSWER---Accounting and Finance Math Video
Equipment Usage
Answer and Solution
Equipment Cost - Salvage Value / # of Hrs of Useful Life = Ownership Cost
25,000 - 4,000 / (155 x 12 x 6) = 1.88
Maintenance, Insurance, Taxes, Etc. / # of Hrs of Use = Usage Cost
$134 + $ = $1.83
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
, FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
$1.88 + $1.83 = $3.71
3- $3.71
The labor performance for a 5-man masonry crew is as follows:
Week Actual Standard
1 280 190
2 255 220
3 255 225
4 280 225
5 200 190
6 225 180
The crew must complete a job scheduled to take 600 man hours based on standard perfomance. How
long will it take the crew to complete the work?
1- 18.23
2- 23.5
3- 18.32
FLORIDA CONTRACTOR'S MANUAL ACTUAL
EXAM V1 250+ QUESTIONS & 100% CORRECT
VERIFIED ANSWERS WITH RATIONALES GRADED
A+
