Can someone look over this and advise me if these are wrong?
When managing a business, it is important to take inventory of where your money is spent. You have a monthly budget of $5,000. Refer to the table below and answer the questions that follow. Round your answers to the nearest tenth of a percent.
Category Cost Percentage
Labor $1,835 ?
Materials ? 18%
Rent/utilities ? 25%
Miscellaneous $1,015 ?
Total $5,000 100%
a) What percentage of the total monthly budget is spent on labor? 36.7%
b) What percentage of the total monthly budget is spent on miscellaneous items? 20.3%
c) How much do materials cost monthly? $900.00
d) How much do rent and utilities cost monthly? $1,250.00
There is no Table Below.
Cutting and pasting often does not work when posting on Jiskha.
To answer these questions, you will need to calculate the missing values based on the given information.
a) To find the percentage of the total monthly budget spent on labor, divide the cost of labor by the total monthly budget and multiply by 100.
Percentage of labor = (Cost of labor / Total monthly budget) x 100
Percentage of labor = ($1,835 / $5,000) x 100
Percentage of labor ≈ 36.7%
So, approximately 36.7% of the total monthly budget is spent on labor.
b) To find the percentage of the total monthly budget spent on miscellaneous items, follow the same process as above.
Percentage of miscellaneous items = (Cost of miscellaneous items / Total monthly budget) x 100
Percentage of miscellaneous items = ($1,015 / $5,000) x 100
Percentage of miscellaneous items ≈ 20.3%
So, approximately 20.3% of the total monthly budget is spent on miscellaneous items.
c) To find the cost of materials monthly, you can use the given information that materials account for 18% of the total monthly budget.
Cost of materials = (Percentage of materials / 100) x Total monthly budget
Cost of materials = (18 / 100) x $5,000
Cost of materials = 0.18 x $5,000
Cost of materials = $900.00
Therefore, the materials cost monthly is $900.00.
d) To find the cost of rent and utilities monthly, you can use the given information that rent/utilities account for 25% of the total monthly budget.
Cost of rent and utilities = (Percentage of rent/utilities / 100) x Total monthly budget
Cost of rent and utilities = (25 / 100) x $5,000
Cost of rent and utilities = 0.25 x $5,000
Cost of rent and utilities = $1,250.00
Therefore, the rent and utilities cost monthly is $1,250.00.
Remember to round your answers to the nearest tenth of a percent, as mentioned in the question.