James builds tables in his spare time. Good quality plywood costs $4.50 per square foot. There is approximately a 10% waste of material due to cutting and fitting. He also figures $275 for finishing material, glue, tools etc. If he charges $10.30 per square foot of finished product, how many square feet of plywood would he use if his profit is $116.14 in one month?
2007-01-21 13:45:47 · 3 answers · asked by Anonymous in Science & Mathematics ➔ Mathematics
$10.30 - ($4.50+10%) = profit per square feet which is $5.35 per square feet.
Now add $275+116.14 to get the gross amount which is $391.14.
Now divide $391.14 by $5.35. which is 73.11, the square feet needed.
($10.30 - ($4.50 +10%))*X - $275 = $116.14
2007-01-21 14:29:39 · answer #1 · answered by gregory_dittman 7 · 0⤊ 0⤋
Let's call the number of square feet of plywood used 'P'.
Profit = Revenue - Expenses.
Revenue is ($10.30) × (P) × 90%
Expenses are [ ($4.50)×(P) + ($275) ]
Do you see that we only get revenue for 90% of the plywood because 10% is wasted?
All you need is a little algebra to solve for 'P'
I got 81.83 ft².
Feel free to email me for any clarifications.
2007-01-21 14:11:25 · answer #2 · answered by Bugmän 4 · 0⤊ 0⤋
I believe that the second answerer is correct, because 'waste' to me means that we have to buy 10% more raw materials than we really need, not that we get 10% less when selling the final product.
2007-01-21 15:14:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋