Question 2 (20 marks) Hyungnim Construction Pte Ltd was awarded a $500,000 renovation project. The contract period is 5 months. Based on Hyungnim's project schedule, the cumulative work done at the end of each month is as follows: 5% (month 1); 20% (month 2); 50% (month 3); 90% (month 4); 100% (month a. Calculate the value of work done for each month. (2.5 marks) Calculate the actual cost Hyungnin incurs each month. Assume his profit margin is 5%. (2.5 marks) c. Calculate the actual payment Hyungnim will receive from the client each month. Assume valuation of work done is carried out at the end of each month. The contractor receives payment from the client 1 month after valuation date, and the money comes in on the last day of the month. Assume that retention sum is 10%, and the full retention sum is paid to the contractor at the end of the 12-month defects liability period. (5 marks) d. Calculate Hyungnim's cash position in each month. Identify which month Hyungnim has maximum cash requirement. Assume he makes payments at the end of the month for the expenditures incurred in that month. (10 marks) Please present your answer in the format shown below. S/No. Deseription (and workings) Month I Month 2 Month... Month... 2a Value of work done Question 2 (20 marks) Hyungnim Construction Pte Ltd was awarded a $500,000 renovation project. The contract period is 5 months. Based on Hyungnim's project schedule, the cumulative work done at the end of each month is as follows: 5% (month 1); 20% (month 2); 50% (month 3); 90% (month 4); 100% (month a. Calculate the value of work done for each month. (2.5 marks) Calculate the actual cost Hyungnin incurs each month. Assume his profit margin is 5%. (2.5 marks) c. Calculate the actual payment Hyungnim will receive from the client each month. Assume valuation of work done is carried out at the end of each month. The contractor receives payment from the client 1 month after valuation date, and the money comes in on the last day of the month. Assume that retention sum is 10%, and the full retention sum is paid to the contractor at the end of the 12-month defects liability period. (5 marks) d. Calculate Hyungnim's cash position in each month. Identify which month Hyungnim has maximum cash requirement. Assume he makes payments at the end of the month for the expenditures incurred in that month. (10 marks) Please present your answer in the format shown below. S/No. Deseription (and workings) Month I Month 2 Month... Month... 2a Value of work done
