Compute the average hourly cost of a carpenter to a contractor.

Problem Set 6 (Ch. 16 & 17) Cost Estimation
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Overview:
Final ‘problem sets’ should include a word document (.docx) (12-point font, 1” margins, times new roman) that responds to each individual problem below. Include the problem statement in this document, as well as your solution. Make sure that each solution includes:
A description of what you did and how you did it;
All values clearly labeled with units (e.g., “work days”, “crews”, “workers”);
A reference included for any reference to a table, figure, or equation provided in a text; and
A clear description/reference to what you found;
All calculations (formulas and how they are used) must be shown; and
Calculations can be completed in excel, but must be documented in full professionally in this word document.
Given Information:
Problem #1: Compute the average hourly cost of a carpenter to a contractor. Assume the work is in a subsistence area and the daily subsistence rate is $19.50. The carpenter works the second shift on a two-shift project where a project labor contract establishes a “work 7 pay 8 hour” pay basis for straight time. He works 6 days, 10 hours a day. In addition to time and a half for overtime Monday through Friday, the contract calls for double time for all work on weekends.
Use 6.2% FICA and 5.0% for unemployment insurance.
Assume all data relating to the workman’s comp, public liability, property damage, fringes, and wage are as given in Table 16.5.
Assume the maximum coverage is $5,000 per person and $10,000 per accident for public liability;
Assume the maximum coverage is $5,000 per person and $25,000 per accident for property damage; and
Note that the subsistence rate is not the same as the base wages from Table 16.5.
Show your work in excel or by hand, but make sure to provide each step of this problem including calculation of:
hours worked, straight time, and premium time;
straight time pay, premium pay, and gross pay;
fringe costs;
Workman’s comp, public liability, and property damage costs;
FICA, unemployment, and subsistence; and
Total costs (for the week) and average hourly cost (considering hours worked, not straight or premium hours).