Markup on Cost, Cost-Based Pricing Whang Construction Company is a general contractor that specializes in custom residentiat housing. Each job requires a bid that includes Whang's direct costs and subcontractor costs as well as an amount referred to as "overhead and profit." Whang's bidding policy is to estimate the costs of direct materials, direct laboe, and subcontractors' costs. These are totaled, and a markup is applied to cover overhead and proft. in the coming year, the company believes it will be the successful bidder on 10 jobs' with the following total revenues and costs: 1. Given the preceding information, what is the markup percentage on total direct costs? \% 2. Suppose Whang is asked to bid on a job with estimated direct costs of 5554,000 , What is the bid? 3. Briefy explain how Whang Construction's accountant might utilise data analytics to help decide on the markup percentage to use in setting arices. (see Exhibits 2.5 and 2.6, for a review of data analytics types.) Howeve one logical use of data analyeics would be for the accountant to utilize analyes to assess the markup percentage applied by other similar companies in the industry. fomea Yotokn Wirs