During the next-week procurement cycle at the plant-nursery sales canopy, the stored-material billing shows a $176,000 approved stored material. If 5% is withheld, what retainage amount should be shown?
Correct Answer
C) $8,800
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: $13,200
$13,200 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Option B: $167,200
$167,200 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Option D: $880,000
$880,000 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Memory Technique
Retainage and approved live in different drawers; Manager Checks tells which opens.
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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