Exercises 1. Calculate the direct cost of labor for a project veam member using the following data: Hourly rate: $50hr Hours needed: 120 Overhead rate: 40% 2. Calculate the direct and total direct costs of labor for a project team member using the following data: Hourly rate: $50hr Hours needed: 100 Overhead rate: 30% 3. The Munsters have been saving money in onder to buy a house. They figure that, given current interest rates, they could afford a $400,000 home. Before looking at houses on the market they decide to explore the possibility of building a new home. The Munsters figure they could buy a suitable lot for $70,000$75,000. At a minimum they want to build a 2,400 -square-foot house. The cost for a house of the quality they desire is $160 per square foot. Given this information, should the Munsters pursue the option of building a new house? 4. Mrs. Publinsky and her husband, Xander, are planning their dream house. The lot for the house sits high on a hill with a beautiful view of the White Mountains. The plans show the size of the house to be 2,900 square feet. The average price for a lot and house similar to this one has been $150 per square foot. Fortunately, Xander is a retired plumber and feels he can save money by installing the plumbing himself. Mrs. Publinsky feels she can take care of the interior decorating. They both feel they can complete the exterior painting with the help of their two sons. The following average cost information is available from a local bank that makes losans to local contractors and dispenses progress payments to contractors when specific tasks are verified as complete. hapter 5 Entimsting Projint Tines and Ciats a. What is the estimated cost for the Publinskys' house if they use contractors to complete all of the house? b. Estimate what the cost of the house would be if the Publinskys used their talents to do some of the work themselves