Rejuv Metal Recycling and Salvage receives the opportunity to salvage scrap metal and other materials from an old industrial site. The current owners of the site will sign over the site to Rejuv at no cost. Rejuv intends to extract scrap metal at the site for 24 months, and then will clean up the site, return the land to useable condition, and sell it to a developer. Projected costs associated with the project follow: (Click the icon to view the project costs.) Data table Requirement 1. Assuming that Rejuv expects to salvage 60,000 tons of metal from the site, what is the total project life cycle cost? Total Life-Cycle Costs Variable costs: Metal extraction and processing 6,000,000 Fixed costs: Metal extraction and processing Rent on temporary buildings Administration Clean-up Land restoration Selling land Total life-cycle cost \begin{tabular}{|r|} \hline 96,000 \\ \hline 81,000 \\ \hline 216,000 \\ \hline 78,000 \\ \hline 429,000 \\ \hline 100,000 \\ \hline 7,000,000 \\ \hline \end{tabular} Requirement 2. Suppose Rejuv can sell the metal for $180 per ton and wants to earn a profit (before taxes) of $70 per ton. At what price must Rejuv sell the land at the end of the project to achieve its target profit per ton? The life-cycle operating income Rejuv wants to earn is Now complete the projected life-cycle income statement to determine at what price Rejuv must sell the land at the end of the project to achieve its target profit per ton. Requirement 3 . Now suppose Rejuv can only sell the metal for $170 per ton and the land at $120,000 less than what you calculated in requirement 2 . If Rejuv wanted to maintain the same markup percentage on total project life-cycle cost as in requirement 2 , by how much would the company have to reduce its total project life-cycle cost? First, compute Rejuv's mark-up percentage in requirement 2. Determine the formula, then compute the mark-up percentage. (Round mark-up to the nearest whole percentage.) Next, compute what Rejuv's new cost will have to be. Determine the formula, then compute the revised total life-cycle cost. (Enter any ratios up to two decimals, X.XX. Round the new cost to the nearest dollar.) Finally, how much would Rejuv have to reduce its total project life-cycle cost? Rejuv would have to reduce its total project life-cycle cost by to maintain the same mark-up percentage as in requirement 2