Computing profit or loss on a bid} Schertzer and Trebbi, plumbers, successfully bid ($ 24,000) for the
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Computing profit or loss on a bid}
Schertzer and Trebbi, plumbers, successfully bid \(\$ 24,000\) for the plumbing work on a new luxury home. Total direct labor cost on the job was
\(\$ 9,500\), other direct costs were \(\$ 2,500\), and overhead is charged to jobs at \(150 \%\) of direct labor cost.
1. Compute the profit or loss on the job:
(a) in dollars; and
(b) as a percentage of the bid price.
2. Express labor and overhead as a percentage of total costs.
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