Total value added by the local art store

Reference no: EM131023447

An artist buys scrap metal from a local steel mill as a raw material for her metal sculptures. Last year, she bought $5,000 worth of the scrap metal. During the year, she produced 10 metal sculptures that she sold for $800 each to a local art store. The local art store sold all of the sculptures to local art collectors, at an average price of $1,000 each. For the 10 metal sculptures, what was the total value added by the artist, and what was the total value added by the local art store?

Reference no: EM131023447

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