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How much should you bid for the contract for Nebraska Wesleyan assuming you expect to earn 25% on the job?

How much should you bid for the contract for Nebraska Wesleyan assuming you expect to earn 25% on the job?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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You own a catering business in the city of Lincoln, Ne, “Out of this World Gyros”. Your specialty are gyros as well as other authentic Greek dishes. You have been asked to cater an event for Nebraska Wesleyan University. Nebraska Wesleyan has requested a bid for you to cater 1,100 guests. As you reviewed your prior contracts you found that you catered an event for 300 at an average cost $4.15; an event for 750 at an average cost $3.90; and an event for 1,200 at an average cost of $3.75. How much should you bid for the contract for Nebraska Wesleyan assuming you expect to earn 25% on the job?

 

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