As a facility manager, given the steps in comparing cost of acquiring material or renting it. What will be your decision and justify your answer. Step 1: Get basic cost information: Scissor-lift manufacturer, model number, capacity, reach, drive type, etc. Purchase cost: $15,000 Expected life: 5 years Expected use in hours per year: 1,500 Monthly rentals per year: 8 Monthly rental rate: $600 Pickup/delivery per rental: $100 Step 2: Determine cost to own: Depreciation: $10,000 Capital cost: $4,000 Overhead: $2,500 Overhaul parts and labor: $5,900 Subtotal $22,400 Less resale value: $4,500 Total cost to own: $17,900. Step 3: Cost to operate: Labor: $12,000 Parts: $3,000 Lube: $800 Tires: $500 Total $16,300. Step 4: Cost to Rent Rental fees: $24,000 Pickup and delivery charges: $4,000 Total to rent: $28,000. Step 5: Compare costs to buy or rent: Total cost to own: $17,900 Total cost to operate: $16,300 Subtotal cost to buy: $34,200 Total cost to rent: $28,000