Question 1
A property owner listed his property for 172% more than he paid for it. The owner eventually accepted an offer 11 1/2% below his asking price and sold the property for $201 100. How much did the owner pay for the property?
Question 2
The direct labour cost of manufacturing a product is $123.95, direct material cost is $56.20, and overhead is $57.75.
a) What is the percent content of each element of cost in the product?
b) What is the overhead percent rate based on direct labour?