Vail Resorts, Inc., is a holding company operating in two business segments, mountain resorts and real-estate development. For the mountain resort segment, revenues and expenses can vary widely depending on the amount of snow and other weather conditions. Assume that to plan for these differences, each year Vail Resorts prepares a flexible budget with three levels of operating activity. Use only operating revenues and operating expenses to answer the following questions: 1. Go to http://www.Forbes.com and under "Stocks." type MTN, the stock symbol for Vail Resorts, Inc., and click on Go. In the left-hand column, click on Financials. Assume the average mountain resort guest pays $1.000 for lodging, meals, entertainment, and lift tickets and that 30% of resort expenses are fixed costs. For the most recent year, how many guests were served? What is the variable cost per resort guest (rounded to the nearest whole dollar)? 2. Corporate expense and depreciation and amortization are fixed costs. Assume real-estate revenue and expense is not expected to change next year. Prepare a flexible budget income statement for 375,000 guests: 450.000 guests: and 525,000 guests. 3. The company understands its competition is not only other mountain resorts but also alternative leisure activities. In the left-hand column, click on Competitors. Identify other types of companies competing for the leisure and recreational dollar. 4. In an effort to stay competitive in the leisure and recreation industry. Vail Resorts com- pares its financial statistics with industry averages. In the left-hand column under "Company Info, click on Profile. Does Vail Resorts compare favorably or unfavorably with the industry average for net profit margin (return on sales), return on equity, cur- rent ratio, and three-year revenue growth?