For the material-order review at the maintenance-shop wash bay, the stored-material billing shows a $172,250 approved stored material. If 10% is withheld, what retainage amount should be shown?
Correct Answer
C) $17,225
Retainage equals the approved amount multiplied by the retainage percentage.
Why This Is the Correct Answer
Retainage equals the approved amount multiplied by the retainage percentage.
Why the Other Options Are Wrong
Option A: $21,531
$21,531 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Option B: $155,025
$155,025 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Option D: $1,722,500
$1,722,500 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Memory Technique
Stored-Material drawer for Manager Checks: label retainage before counting dollars.
Reference Hint
Open-book path: tab Principles and Practices of Commercial Construction, 10th Edition to Project cost controls; stored-material retainage; verify the construction method, material quantity, equipment use, unit conversion, or field-control calculation.
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