Real-Life Math -- Solution
First of all you need to calculate the total area.
Area =
Length x Width
Kitchen
25 ft. by 20 ft.
Total
area is 25 ft. x 20 ft.
Area = 500 ft.2
Bedroom
A
30 ft. by 27 ft.
Total area is 30 ft. x
27 ft.
Area = 810 ft.2
Bedroom
B
15 ft. by 15 ft.
Total area is 15 ft. x
15 ft.
Area = 225 ft.2
Bedroom
C
10 ft. by 12 ft.
Total area is 10 ft. x
12 ft.
Area = 120 ft.2
Living
Room
30 ft. by 35 ft.
Total area is 30 ft.
x 35 ft.
Area = 1050 ft.2
Hallway
20
ft. by 4 ft.
Total area is 20 ft. x 4 ft.
Area = 80 ft.2
Total
Area of House = Area of Kitchen + Bedroom A + Bedroom B + Bedroom C + Living
Room + Hallway
Total Area = 500 + 810 + 225 + 120
+ 1050 + 80 ft.2
Total Area = 2785 ft.2
First
estimate at $1.25 per square foot
= 2,785 ft.2 x 1.25 /
ft 2
= $3,481.25
Costs:
Paint
1
gallon will cover 100 square feet
x gallons will cover 2785 ft.2
1/100
= x/2785
2785 = 100 x
x = 27.85
It will take 27.85 gallons
of paint to paint the house.
Round up to the nearest full gallon to get
28.
Paint costs $18 per gallon plus 7 percent tax
Cost = (28
x $18) x 1.07
Cost = ($504) x 1.07
Cost = $539.28
Wages
A)Assistants
Two assistants at $7 per hour for 80 hours
Wages = 2 x $7 x 80
Wages
= $1,120
B)Your Wages
Wages
= $10 per hour x 100 hours
Wages = $1,000
Total
Wages = $560 + $1,000
Total Wages = $2,120
Supplies
= $200
Total Costs = Paint + Wages + Supplies
Totals
Costs = $539.28 + $2,120 + $200
Total Costs = $2,859.28
Your
profit on the bid based on $1.25 per square foot is:
Estimate based
on per square foot price minus costs
$3,481.25 -
$2,859.28
= $621.97
The minimum amount
that you could charge per square foot would be:
Minimum
per square foot = Total Cost / Area of House
Minimum per square foot =
$2,859.28 / 2785 ft.2
Minimum per square foot = $1.03 / square
foot
"Unless there's an extreme circumstance,
I would never bid at cost," says Wolfe. It's too risky. There's
no cushion for overruns in paint, supplies or labor. The lowest he's
ever priced a bid was for $1.05 per square foot.