Question: Given the following, answer the below questions. Target cost = $10,000,000, target profit = $850,000, target price = $10,850,000, sharing formula is 70/30 (buyer 70%,

Given the following, answer the below questions. Target cost = $10,000,000, target profit = $850,000, target price = $10,850,000, sharing formula is 70/30 (buyer 70%, seller 30%), and ceiling price = $11,500,000. Assume that the seller completes the work at an actual cost of $10,050,000. What is the overrun cost, what is the seller's share of the overrun, and what is the amount that the target profit is reduced by?

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