Question 4. A cabinet making firm plans to expand by setting up a new workshop and they need to estimate the total cost of the new facility. There is a nearby empty workshop building available and suitable for purchase that is 1600 sq. feet in size. Their old facility floor space is 1200 sq. feet in size and was purchased 10 years ago at a cost of $75 per sq. foot. However, the empty workshop at the proposed new location is valued today at $110 per sq. foot. The capacities/sizes for the new workshop proposed equipment will be different from the existing shop equipment, and original costs must also be updated to account for changes in the equipment industry pricing. The following three new pieces of equipment must be purchased: 1) a larger table saw, 2) a new paint booth that is smaller than the existing paint booth, and 3) a new feature, a production line conveyor handling system that totals 50 feet in length to move cabinets in process through the workshop between workstations. You have obtained historical cost index data and power sizing relationships for estimating the cost of the new equipment. Estimate the total cost for the new facility project proposal. Identify and label all calculations and results. Show all calculations in clearly defined steps