Question
Using Microsoft Excel
Procrastinators Anonymous (PA) is hosting their annualconvention this coming year in Dallas, TX. Although this is nottypical of this organization, they wish to plan ahead to determinewhat the cost of the keynote banquet ticket should be. The ticketcost then can be included in materials that will be sent out priorto the convention. The banquet coordinator has determined thefollowing costs:
Rental of banquet facility – $2,500
Entertainment for banquet – $1,200
Cost of meal – $12
Decorations – $400
Printing costs – $500
Favors per attendee – $2
Requirements:
1. Given the above information and assuming no profit will bemade, what ticket price should be set if 500 procrastinatorsattend? If 750 people attend?
2. If a ticket price of $35 is set, how many procrastinatorsneed to attend for PA to break even on their banquet? If the ticketprice was $50? Use the roundup function to round up to the nextinteger (eg. 344.24 would be 345)
3.If fixed costs can be reduced by 10%, what is the breakevenpoint (in number of attendees) if the ticket price is $35. Use theroundup function to round up to the next integer.
4. If PA wishes to make a profit of $1,000 on the banquet andthe ticket price is $35, how many procrastinators need to attend?Assume that fixed costs do not change from the initial amounts. Usethe roundup function to round up to the next integer.
5. Create a CVP chart for requirement 2 (ticket price of $35).Properly label all facets of the chart.
6.Using Goal Seek:
a. How many attendees need to attend for the banquet to netEXACTLY $955 in profit (assuming $35 ticket price)? Formatattendees to 5 decimal places.
b. For a breakeven, what should be the EXACT ticket price (donot round) if EXACTLY 455 attendees show up at the banquet. Formatthe ticket price to 5 decimal places.
Verify that your answers are correct by “plugging” the answersinto an income statement
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