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.