Your company has been hired to act as a construction manager for the construction of a bookstore for a fixed fee of $32,000. When the design was 90% complete, you prepared a budget for the project, which is shown in Figure 4-12.

During the buyout, the subcontracts shown in Figure 4-13 were signed and the purchase orders shown in Figure 4-14 were issued. No additional costs are expected for the contracts in Figure 4-13 and the purchase orders in Figure 4-14. A purchase order has been issued for concrete for $115 per cubic yard. This price is 4% below the costs used in the budget. You have a meeting with the project's owner to discuss the financial status of the project. Using the committed cost worksheet in Figure 4-l of the textbook, update the estimated cost at completion and determine if the project is over or under budget.