Question: You own a workshop that produces custom handmade frames for diplomas. You are negotiating a contract with Loyola to sell the frames at the bookstore.

You own a workshop that produces custom handmade frames for diplomas. You are negotiating a contract with Loyola to sell the frames at the bookstore. Loyola decided to offer a trial contract where they will stock 20 frames at the bookstore. You estimate that the material costs for each frame is $15.00. You also estimate that it takes your employee 14 labor hours to produce the first frame. You pay your employee $25 per hour.

What is the lowest total bid you should submit if you charge a 18% markup, if you do not account for learning curve?

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