Your friends, Elijah and Valerie Foglesong, want to build their dream house. They identified tentative costs, but they

Exp19_Excel_Ch06_ML1_Housing_Cost

Exp19_Excel_Ch06_ML1_Housing_Cost

Project Description:

Your friends, Elijah and Valerie Foglesong, want to build their dream house. They identified tentative costs, but they cannot afford the $414,717 estimated cost. You will use Goal Seek to determine an estimate of the total finished square footage they can afford. To help provide more flexibility in their decision-making, you will create a data table listing various finished square footages and their effects on the base house cost and total cost. Finally, you will create another data table showing combinations of square footages and lot prices to identify total costs.

Start   Excel. Download and open the file named Exp19_Excel_Ch06_ML1_HW-Housing   Cost.xlsx.   Grader has automatically added your last name to the beginning of the   filename. 

Assign the range names B9 (Base), B15 (Interior), B21 (Exterior), B23 (Lot).

Enter a formula in cell B25 to   calculate the total estimated cost. The total estimated cost is the sum of   the base house price (B9), total interior upgrades (B15), total exterior   upgrades (B21), and lot fee (B23). Be sure to use range names in the formula.

Use Goal Seek to determine the   total finished square footage(B7) to meet the total cost goal of $350,000.

Enter a series of total square   footage ranging from 1,800 to 3,600 in increments of 200 in the range D6:D15. Apply Blue font and Comma Style with   zero decimal places to the series.

Enter a reference to the base   house price in cell E5 and a reference to the total estimated cost in cell   F5.

Complete the single variable   data table in the range D5:F15. Be sure to use total square footage as the   column input. Apply Custom number formats to give appropriate descriptions to   the second and third columns. Apply these formats to the headings: bold,   center, and Blue font color.

Identify the square footage,   base price, and total cost in the data table that comes closest to their   goal. Apply Yellow fill color to those cells.

Copy the square footage   substitution values, range D6:D15 to the range H6:H15 and remove the fill   color. Enter these lot price substitution values in the range I5:K5: 90000, 96000, and 102675. Format these values with Accounting Number Format with zero   decimal places and Blue font color.

Enter the reference to the total   estimated cost in the appropriate location for the second data table. Apply a   custom number format to display Total Sq Ft in that cell. Apply Blue font and bold to that   cell.

Complete the two-variable data   table using total square footage as the Column Input and lot price as the Row   Input. Apply a Custom number format to the reference to the formula cell.   Apply Yellow fill color to the total price in each column that comes closest   to their goal.

Format results in both tables   with Accounting Number Format with zero decimal places.

Create a scenario named Ideal Costs, using Base price per square   foot and Lot fee (use cell references). Enter these values for the scenario: 80, 102,675.

Create a scenario named Increased   Costs, using   Base price per square foot and Lot fee (use cell references). Enter these   values for the scenario: 100, 110,000.

Create a scenario named Low Costs, using Base price per square   foot and Lot fee (use cell references). Enter these values for the scenario: 60, 80,000.

Generate a scenario summary   report using the cell references for Price per square foot and Lot Fee. Add   the appropriate formatting to the newly created report

Save and close Exp19_Excel_Ch06_ML1_HW-Housing Cost.xlsx.   Exit Excel. Submit the file as directed.