[The following information applies to the questions displayed below.]

Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2019, Phoenix expects to find renters for 100 apartments with an average first month's rent of $820. Budgeted cost data per tenant application for 2019 follow:

• Professional labor: 1.5 hours at $20.00 per hour
• Credit checks: $56.00

Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,600 per month. On average, Phoenix is successful in placing one tenant for every three applicants.

Actual rental applications in August 2019 were 240. Phoenix paid $9,000 for 350 hours of professional labor. Credit checks went up to $60 per application. Other costs in August 2019 (lease, secretarial help, and utilities) were $3,700. The average first monthly rentals for August 2019 were $980 per apartment unit for 80 units.