Assignment #1: Develop a bid price Using the equations provided on page 1 of this worksheet and the prices provided in Table 1 for self-and sub- perform works develop a bid price, you are asked to develop a bid price required to perform all work needed to complete the project in accordance with the plans and specifications. You are to use this worksheet to record your responses, then enter them into the Moodle interface. This assignment is good practice as you prepare for your projects. Please use this document as a worksheet. Upload your responses directly to Moodle. Equations 1. Contingency= Assume $20,000 for this assignment 2. Sales tax = 9.95% * Cost of Material 3. Labor burden= 30% * Cost of Labor 4. Cost = Cost of Material+ Cost of Labor + Cost of Equipment + Subcontracts+ Contingency+ Labor Burden+ Sales Tax 5. Fee = 6%* Cost (from step 4) 6. Total Cost (Before Bond, Permit and Insurance) = Cost + Fee 7. Performance and Payment Bond = 2.5% * Cost 8. Building Permit = Calculated as below: 0 For valuations less than or equal to $100,000.00, the fee shall be $3 per thousand dollars = Total cost/1000*3 0 For valuations greater than $100,000.00 through $500,000.00, the fee shall be $300 plus $2 per thousand above $100,000.00= 300 + (total cost -100000)/1000*2 0 For valuations greater than $500,000, the fee shall be $1,050 dollars plus $1.50 per thousand above $500,000 = 1050 + (total cost -500000)/1000*1.5 9. Builder's Risk = 0.5 % * Cost 10. General Liability = 0.7% * Subcontracts 11. Bid price = Total Cost + Performance and Payment Bond + Building Permit+ Builder's Risk + General Liability Note: The building permit information was retrieved from https://www.brla.gow/- It is a good practice to revise/check your answers before uploading them to Moodle. Please note that you will follow similar process to deliver your project assignment. The Excel sheet for this assignment is provided in Moodle