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
What table?
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To answer the questions regarding the table, we need to calculate the cost and percentage for each category based on the given information.
1. Labor:
The cost for labor is given as $1,835. To find the percentage, we divide the labor cost by the total budget ($5,000) and multiply by 100. So, the percentage spent on labor is (1,835 / 5,000) * 100 = 36.7%.
2. Materials:
The percentage spent on materials is given as 18%. To find the cost, we need to calculate 18% of the total budget. So, the materials cost is (18/100) * $5,000 = $900.
3. Rent/utilities:
The percentage spent on rent/utilities is given as 25%. To find the cost, we need to calculate 25% of the total budget. So, the rent/utilities cost is (25/100) * $5,000 = $1,250.
4. Miscellaneous:
The cost for miscellaneous expenses is given as $1,015. To find the percentage, we divide the miscellaneous cost by the total budget ($5,000) and multiply by 100. So, the percentage spent on miscellaneous expenses is (1,015 / 5,000) * 100 = 20.3%.
To summarize:
- Labor: $1,835 (36.7%)
- Materials: $900 (18%)
- Rent/utilities: $1,250 (25%)
- Miscellaneous: $1,015 (20.3%)