While preparing the preconstruction estimate lock for the office restroom core, the stored-material billing shows a $177,250 approved stored material. If 7.5% is withheld, what retainage amount should be shown?
Correct Answer
A) $13,294
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 B: $17,725
$17,725 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Option C: $163,956
$163,956 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Option D: $1,329,375
$1,329,375 is above the supported result for stored-material billing; it likely adds an unsupported amount or compares the wrong financial base.
Memory Technique
Manager Checks money test: bucket before math for stored-material.
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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